Encore Keep the Family Home and Create an Income Producing Asset
Update: 2021-08-04
Description
Seniors considering a move to a retirement community or families managing the care and finances for a loved one so often do not look beyond the option of selling the home that has been occupied for many years. The sale of a home brings with it tax consequences and the need to re-invest proceeds. This week we will be exploring keeping the home and using the home as an income producing asset that can supplement you or your loved ones cost of living or care needs. Concerned about the headache of managing a rental? Do not live nearby? I will be talking with a property management expert as well as a certified public accountant about the many benefits of considering this option. We will look at the tax consequences of selling now vs. setting up as a rental. We will also discuss the property management role, the team required and if hiring a property management group, how to find the best one to work with.
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