Q: We are 84 and 86 years of age. The doctor has advised us to move closer to our son in Clyde, Callahan County, Texas,
We live in Hamby Shackleford County, Texas. We have been told if we sell our property and buy one in Clyde that the IRS or someone can take our new bought property if we don't live for three to five years. They said it is a law. Is this correct?
My husband has dementia and Parkinson disease. We would move so our son can help me with him.
A: You heard wrong. If you have lived in your home for two of the past five years, you will not pay capital gains tax to the IRS on any profit from the sale. If you use the profit to buy a new home and live in it, that new home will not be counted in determining financial eligibility for Medicaid if/when one of you needs it. Talk with an elder law attorney about getting your ducks in a row.
Tammy L. Wincott agrees with this answer
1 user found this answer helpful
A:
I am sorry about your husband's condition. My father suffers from dementia/Alzheimer's and it is heart-breaking to see. I hope that your son will be able to help; unfortunately, my father is in PA.
I agree with Ms. Garrett 100%. Please contact an estate planning attorney before making any life-altering decisions. Please, do not rely on a website, of any sort, to provide you with the correct information. There are many attorneys who are affordable and excellent at their jobs. Best wishes.
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