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 > sell home or not to sell

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wapiticountry

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Posted: 04/26/21 08:42am Link  |  Quote  |  Print  |  Notify Moderator

Ivylog wrote:

“I would not be entering into a 1031 exchange at this time even with an eligible asset sale. A 1031 only delays capital gains taxes. There is a likelihood that the capital gain tax rate is going to rise significantly. If that happens, you may forego a 20% rate today for a 39% rate down the road. That could be a very expensive decision.”
The $500k exclusion on selling your home may still apply but I would sell NOW.
Interesting point. Never thought about it, but you can bet there is someone elected to office that believes owning a home for decades and seeing that home appreciate over those years makes them ”rich “ and deserving of a punitive tax. That $500k exclusion could join the dodo bird if some get their way.

time2roll

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Posted: 04/26/21 08:57am Link  |  Quote  |  Print  |  Notify Moderator

wapiticountry wrote:

Interesting point. Never thought about it, but you can bet there is someone elected to office that believes owning a home for decades and seeing that home appreciate over those years makes them ”rich “ and deserving of a punitive tax. That $500k exclusion could join the dodo bird if some get their way.
Or like many deductions the exclusion could taper off to zero only for the high earning taxpayer.


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joezippy

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Posted: 04/26/21 09:12am Link  |  Quote  |  Print  |  Notify Moderator

monkey44 wrote:

Some folks on RV.net can be trusted for good advice. Some folks on RV.net cannot be trusted for good advice. The trick is distinguishing between the two. Same with any forum.


Well said, taking it one step further, such is true in life...

I think it's interesting that a discussion of shelter (move or not) turned into a discussion about investments (taxes and money)... Linked, but not the same... Anywho... [emoticon]

Finally, when looking for "idiots" always look to thyself first, then to others. To the question poster, I wish good luck and no "idiots"! [emoticon] Cheers.

Sjm9911

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Posted: 04/26/21 10:54am Link  |  Quote  |  Print  |  Notify Moderator

Before you consider anything, think about whete you want to move to. This may have impact on what you do. Check the market to see avalibility. In NJ, you cant buy something if you wanted to. Homes are selling with , no inspections and 20 to 50 k over asking just from the online pictures. Just something to consider.


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LouLawrence

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Posted: 04/26/21 05:03pm Link  |  Quote  |  Print  |  Notify Moderator

You don't want to return to this place/home. Sell.
Wasn't that easy!?

toedtoes

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Posted: 04/26/21 08:38pm Link  |  Quote  |  Print  |  Notify Moderator

joezippy wrote:

monkey44 wrote:

Some folks on RV.net can be trusted for good advice. Some folks on RV.net cannot be trusted for good advice. The trick is distinguishing between the two. Same with any forum.


Well said, taking it one step further, such is true in life...

I think it's interesting that a discussion of shelter (move or not) turned into a discussion about investments (taxes and money)... Linked, but not the same... Anywho... [emoticon]

Finally, when looking for "idiots" always look to thyself first, then to others. To the question poster, I wish good luck and no "idiots"! [emoticon] Cheers.


Actually, the question is about financials. The OP asked whether they should sell their home now or after they finish traveling for a "few months". Whether they take to RVing, a cruise, or an international flight, the concern is whether it's best to sell now or wait until they return from the trip to sell.


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time2roll

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Posted: 04/26/21 09:02pm Link  |  Quote  |  Print  |  Notify Moderator

LouLawrence wrote:

You don't want to return to this place/home. Sell.
Wasn't that easy!?
Yes very easy to then extend the few months to be the rest of their lives depending on value and cost.

If money is short, keep the house for now. If money is easy, then by all means sell it now and bare the consequences if any because you have plenty of $$ either way.

doxiemom11

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Posted: 04/30/21 10:45am Link  |  Quote  |  Print  |  Notify Moderator

I'd sell the house as long as you know you won't want to move back into it. We knew if we bought again, it wouldn't even be in the same state. Sell it so you are free to buy wherever and whenever you want. Store minimum things. You may want different styles of furniture (new) to go with the new place in the future. Only keep things that are special to you. You can always rent an apartment to try an area out and/or for the buying process/ purchasing new furniture , any remodeling you would like to do etc before moving into the new.

2g's

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Posted: 05/01/21 11:37pm Link  |  Quote  |  Print  |  Notify Moderator

Sorry the OP hasn't returned to see if any of this talk helped.

Now is definitely a seller's market but having to buy another house in a couple months he'll be paying a premium also.

If it were me I'd sell and plan on full-time RVing for a while; not a couple months like he plans. I wouldn't buy another house at today's prices. It's absurd what homes are selling for. If settling down, I'd buy in a very nice mobile home park - some are awesome; or keep the RV for traveling and buy a RV lot in a warm area for winter living.

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