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View Full Version : Mother is selling her home


czarena12a
Feb 27, 2007, 09:11 AM
My mother is 77 and is about to sell her home and move in with me her daughter. She only gets social security. Will she have to pay taxes on that money. She is scared she can't put it in the bank because it would stop her social security. Is there an amount of money you can have in the bank and still collect SS. By the way we are from Georgia. The house is in Louisiana.

ballengerb1
Feb 27, 2007, 09:26 AM
Selling her home should not alter her SS benefits at all but she may be required to apy capital gain taxes on the sale. She may be exempt from capital gains if she meets certain IRS requirements.