QUESTION
My mother is in a assisted living house I am the POA we are selling her house
Asked on Sep 23rd, 2021 on Estate Planning - Michigan
More details to this question:
Should she sign the closing papers or should I sign The home is in Michigan and will sell for 160,000 will she have to pay tax
1 ANSWER
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Hello,
Even though you have the POA, I reccommend, if she is able, for your mom to sign. That way there can be no question of the authority to sell.
With respect to taxes, the first $250,000 gain on the value of a home is exempt from taxes. Your tax preparer will be able to assist you in claming this.
Best of luck to you.
Answered on Sep 24th, 2021 at 9:22 AM