My mother two years ago gave her home to my two sisters and myself with one sister with a life estate. My mother also has a second home that she rents out. The value of the homes now are about $700,000. She is now in a home and we are paying 3,000 a month for her. As cash is low we have to sell something to pay for her nursing home. The second house is worth 500,000. The home with the life estate is worth 200,00.
Can we sell the house with the life estate since it was her primary home without paying property gains tax and use it to pay for the nursing home or does the house no longer belong to my mother? The whole situation is a real mess. Selling the second home paying the property gains tax would dwindle it right down to nothing and we would then have to sell her home anyway. I would appreciate it anyone out there could help me. The state is New York.
Can we sell the house with the life estate since it was her primary home without paying property gains tax and use it to pay for the nursing home or does the house no longer belong to my mother? The whole situation is a real mess. Selling the second home paying the property gains tax would dwindle it right down to nothing and we would then have to sell her home anyway. I would appreciate it anyone out there could help me. The state is New York.
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