September 18th, 2007 | 
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moinaustin asked:
My grandmother is on a limited income and is thinking of selling her home which is paid off but in bad condition.
My grandmother is on a limited income and is thinking of selling her home which is paid off but in bad condition.
She would be selling it at a loss and is worried that the monies she receives from the sale will affect her income.
What tax issues should she be aware of ?
Eleanor Stsauveur
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The sale of property that is sold at loss and has documentation to reduce any tax she might.
For most individuals is receiving social security beleive there is no maximum income related to social security look at the proceeds would even show up on her tax free losses on these sales are only taxable if she is 100 tax return im not sure.
If she sells at a loss, she won’t owe income tax on the proceeds of the sale. If she is receiving any type of public assistance she should check with the people who administer it to be sure that wouldn’t be affected.
Talk to a financial consultant. If she wants to stay in the house, perhaps a reverse mortgage is the solution.
An attorney who specializes in some states if she must spend down all assets except home before selling not knowing your.