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My dad is now in a nursing home in Texas. What are the tax implications of selling his house and using the proceeds to pay for his expenses?
My dads health took a recent quick decline and is now in a nursing home. I’ve just turned in the paperwork for medicaid to the business manager at the nursing home. My dad owns a mobile home and just under an acre of land, valued by the county tax collector at around $46k. My understanding is that he’s allowed a house and still qualify for medicaid but I was told that I need to cancel his bill pays for all expenses except healthcare, which means I’ll need to pay for the utilities on the house and his cell phone bill, and a credit card debt. I don’t make a lot of money so may not be able to afford these expenses for long.
It’s in my dads will that the house goes to me and my step-sister. I was thinking of selling the house and having the proceeds to go us to make sure my dads wishes are still honored, then use that money to cover his bills. But I’m not sure of the tax implications. Also not sure how that would affect his medicaid.
It’s in my dads will that the house goes to me and my step-sister. I was thinking of selling the house and having the proceeds to go us to make sure my dads wishes are still honored, then use that money to cover his bills. But I’m not sure of the tax implications. Also not sure how that would affect his medicaid.
