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Level 3
posted Jan 24, 2021 7:26:48 PM

Selling Home for a elderly parent with dementia

My mom is 86 with dementia and we want to sell her home and invest the money into an annuity or MIGA so that she can have some monthly income coming in addition to SSI.

 

my question is whether she will have to pay taxes on the sale of the house if she is not investing the money back into the purchase of another home.

 

is investing the money into an annuity or MIGA a good idea?

 

thanks in advance

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1 Replies
Level 15
Jan 24, 2021 7:46:26 PM

Investing her gain from the sale of her home into another home does not prevent any tax that might be levied on her profit. One has nothing to do with the other. You might want to consult a financial advisor who can take her whole financial situation into account.  You should not rely on opinions from unknown posters who don’t know all of the facts.