Is buying a new home for a crippled guest an unforeseen circumstance?
September 13, 2006
Date: Thu, 30 Mar 2006
We now own a condo that my husband and I have lived in for a year. We are in the process of buying a house that has a bedroom and bathroom downstairs. We are buying the other house because my mom, who will visit us soon, can't climb the stairs to get into the condo.
Can we claim the exemption on the basis of health, since my mom had surgery and can't climb stairs easily?
Date: Fri, 05 May 2006
There is no ruling on this question. If your mom was moving the residence, I would say you would fall under the unforeseen circumstances exception. I think it's questionable whether accommodating a visitor would qualify.
Again, after paying your selling expenses, will you have much of a capital gain?
We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.
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