It looks like I will be selling my home later this year and moving back in with Mom to take care of her needs. What are the tax consequences of selling my home and not buying another? Are there other advantages I can take as a home caregiver?
Having just sold my first home recently, since I lived there for more than two years I was not taxed on the money I made from selling. The key is that you need to have lived there for at least 2 years. Hopefully this will be the same for you.
If you’d like to consider it a consequence you’ll know longer be able to write off your mortgage interest when doing your taxes. Otherwise, I don’t necessarily see any consequences unless not having the write offs will push you into a higher tax bracket.
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