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west central Iowa | I think she would be limited to deducting only $3,000 a year of basis loss on her federal income taxes. She would have to live 20 years to use up the loss. Now if she would have capital gains on some other items or investments she could sell those to offset the capital gains tax due on those items and use that money for the nursing home. But if those items were held until death there more than likely would be no estate tax owed on those items due to the large estate tax exemptions that have now been put in place. | |
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Teach me about Capital Gains Tax and selling land to pay for nursing home
