I’m looking to find some help in understanding what options and the long term tax implications for what I’m considering.
I’ve found a home that could accommodate my family and my 79 yr old mother comfortably.
My mother and I both own our homes and there are significant increases on their value… maybe 500k for her and possibly 1.25M+ for me. Her house is in a trust and I am the beneficiary.
I was considering renting the homes put, they are on large acreage and are very nice. We would like to have the option to have the land down the road / move back.
The REA suggested we get a market analysis so we know what they are worth and did point out that tenants rarely take care of the property as we would. The new property is 30”min from pir current home.
I’m trying to be smart about what capital gains I’d have, and the fact that I would inherit the other property and it would adjust the basis at that time.
I’m also aware that I only have “a couple years” before I could no longer have the capital gains exclusion once we move out to decide to sell.
I’ve need to understand the different considerations I should take into account and not sure who/ where I can get objective advice. Would appreciate those who are more knowledgeable to chime in. Of course I feel rushed bc the new home just listed 10days ago and we are very interested in it.
