In my note about Capital Gains not being reported, I was referring to "if this were my primary home." This is a second home we purchased for my mom. Therefore, the capital gains have to be reported.
The Life Estate was added to help with the annual property taxes AND to ensure mom had a place to live as long as she lives. She is still living, but cannot live by herself. I had to step-in when she was not taking her medications properly and her blood sugar was nearly 500. After discussion with my sister, it was decided that mom would live with my wife and me. Then, after we got mom's health back, we discussed disposition of the her home. We decided that selling the home was the best option.
That is likely TMI, but sometimes it helps if you know more.
Even before your comment arrived, I had decided to talk with a professional. I do appreciate the input.
BC
