Ricks, who works at a medical records company.

Surely removing a homestead exemption won't cause that unless (1) property tax rates are through the roof and (2) home valuation is extremely low. 

Fun Fact: Some of them are exempt from the loan originator compensation rule that came out a few years ago, meaning the LO can lawfully get paid more for handing grandma/grandpa a higher interest rate on a one-off basis, just like the F&I guy at a car dealership.

. :)Except you left out taxable income/(loss), tax-exempt income, and non-deductible expenses. 

Specifically, for me as an investor, if I were NOT licensed there are some smaller multis (2-3 units, the most common type we've got) that have exemptions for protected classes in certain cases, but as an agent you waive all exemptions.Obviously this isn't a big concern, but I've seen it trip people up and it's a hassle if you forget.Good luck!

My theory is that since there is such massive insecurity in not owning the roof over their heads, surrounding and in some cases burying themselves in junk is like self-medicating against the anxiety.

Primary residence exemption - the portion of the property that you live in is eligible for the primary residence tax exemption after you reside there for two of the last five years.

Can I sell it and get an exemption to the capital gains tax of occupying the primary residence 2 of the last 5 years?

@Chris Williamson, you don't really need a CPA for that because there are no tax implications with the rollover, and like I mentioned earlier all investment income will be sheltered from taxes since it is an IRA, unless you have income from active business or use leverage to acquire investment property (btw, self-directed Solo 401k would be exempt from UBIT on leveraged real estate).

There are stuff like medicaid annuities and exemptions that the parents can look into.I'll see if I can find you a referral.