Money Profited on a House We Just Sold?
Question by Charles S: Money profited on a house we just sold?
We have sold out house, 8 days before the closing my husband (85) went into the hospital and the chances are very good he will live in assisted living of nursing home (something in that order) we are only profiting around $ 30,000 on the house, is there a way to hide the money, or move it into a place that is not considered a asset?
Is there some law that states money made o the sale of a house is protected as long as you put the money back into another house?
If you have questions please ask.
Best answer:
Answer by uuchurchlady
You have to buy another house and live in it within a certain time frame so as not to have to pay taxes on the income. If his nursing care is more than SSI and medicare will pay for then you have to spend that cash from the sale for his care or get a quickie divorce.
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