IceFleetMan, there can be so many issues in this situation, and w/o knowing more no one can make anything but suggestions, i.e., see a tax professional.
Some of these issues:
1. Assuming your father is deceased, step-up value at the time of his death is a consideration.
2. Who's titled on the Deed? Your mother only, or are there others? Was the deed originally titled in both their names?
3. If your mother has other income, such as stocks, IRA, and more, income from those has to factored in to determine her AGI and whether or not she would owe.
I'm not sure what you mean by write-off, as in, is the house entirely a write-off or is her potential liability less than what her tax obligation would be?
There are other considerations, but as you can tell, bottom line tax liability is contingent on facts which depend on other facts which probably still have to be calculated.
I think you need a good tax preparer. No H and R block.
Tax laws change constantly. At one time there was law that u were allowed to sell a house one time at 58 or older and not pay Capital Gains Tax. Then, do u really have any Capital Gains when houses are not selling for what they are worth? MIL bought a home in Fla 30 yrs ago for 70k. It sold in 2013 for 80k.
Homecare being a write off? Again, I think u need a tax preparer. Will be worth the cost.
Some of these issues:
1. Assuming your father is deceased, step-up value at the time of his death is a consideration.
2. Who's titled on the Deed? Your mother only, or are there others? Was the deed originally titled in both their names?
3. If your mother has other income, such as stocks, IRA, and more, income from those has to factored in to determine her AGI and whether or not she would owe.
I'm not sure what you mean by write-off, as in, is the house entirely a write-off or is her potential liability less than what her tax obligation would be?
There are other considerations, but as you can tell, bottom line tax liability is contingent on facts which depend on other facts which probably still have to be calculated.
Tax laws change constantly. At one time there was law that u were allowed to sell a house one time at 58 or older and not pay Capital Gains Tax. Then, do u really have any Capital Gains when houses are not selling for what they are worth? MIL bought a home in Fla 30 yrs ago for 70k. It sold in 2013 for 80k.
Homecare being a write off? Again, I think u need a tax preparer. Will be worth the cost.