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Ivylog
Blairsville, GA and WPB, FL.
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Joined: 06/30/2004
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“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.
* This post was
edited 04/25/21 03:24pm by Ivylog *
This post is my opinion (free advice). It is not intended to influence anyone's judgment nor do I advocate anyone do what I propose.
Sold 04 Dynasty to our son after 14 great years.
Upgraded with a 08 HR Navigator 45’...
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time2roll
Southern California
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Joined: 03/21/2005
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toedtoes wrote: why would you think you can trust strangers on the internet... We have no agenda or commissions related to the transactions.
2001 F150 SuperCrew
2006 Keystone Springdale 249FWBHLS
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toedtoes
California
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time2roll wrote:toedtoes wrote: why would you think you can trust strangers on the internet... We have no agenda or commissions related to the transactions.
And who's to say you aren't all a bunch of idiots? Who's to say you don't take pleasure in giving bad advice?
I can see asking for ideas - which you would then research and vet. But, I wouldn't trust any stranger with financial advice.
1975 American Clipper RV with Dodge 360 (photo in profile)
1998 American Clipper Fold n Roll Folding Trailer
Both born in Morgan Hill, CA to Irv Perch (Daddy of the Aristocrat trailers)
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philh
Belleville MI
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We took a look at the HOT HOT HOT sellers market and sold.
Our retirement plans include a park model in a campground. In November, we moved into the park model and put the house up for sale. It sold the day it was listed.
Still working from home, and work is close enough if I have to go in, but it's a 90 minute drive.
Also sold the TT, and currently waiting for the new truck and new 5th wheel to be delivered.
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time2roll
Southern California
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toedtoes wrote:time2roll wrote:toedtoes wrote: why would you think you can trust strangers on the internet... We have no agenda or commissions related to the transactions.
And who's to say you aren't all a bunch of idiots? Who's to say you don't take pleasure in giving bad advice?
I can see asking for ideas - which you would then research and vet. But, I wouldn't trust any stranger with financial advice. Considering the very limited information given this is just for entertainment. Proper advice would be impossible.
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monkey44
Cape Cod, MA and Central Fla
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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.
Monkey44
Cape Cod Ma & Central Fla
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rexlion
Broken Arrow OK
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Joined: 04/01/2005
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wanderingaimlessly wrote:Have to agree with Valhalla,
IF you don't plan to go back and live in the house, then sell it now, Save the taxes, insurance and maintenance cost and store the household items you feel you must keep.
IF you know where you want to eventually buy again, go ahead and move the household goods to the area to simplify the final move a year or so from now.
We're in Va, and are putting the house up as soon as m'ladies health issues are resolved. We will move them to somewhere in the midwest and store them there until we decide on our final landing spot which could be anywhere from SD to NM, to Id. In our case, once we get out west, I don't see us coming back east, so staging them in the region, probably near Denver seems to make sense. A nephew of mine really liked Casper WY; you might check out that area. He had to leave because his job went away, otherwise he might be there still.
Mike G.
Liberty is meaningless where the right to utter one's thoughts and opinions has ceased to exist. That, of all rights, is the dread of tyrants. --Frederick Douglass
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hl remington
N.E.AR.
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I thank Toedtoes information is right on.
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valhalla360
No paticular place.
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toedtoes wrote:joezippy wrote:toedtoes wrote:Honestly, I would be asking my "money guy" (financial advisor) not a bunch of strangers on the internet.
Case in point, folks here are speaking of their own experiences - which may be completely different from the OP's due to timing, location, amount of equity, purchase price, health, family, and so on.
Your financial advisor can give you a projection based on YOUR set of circumstances and then you can base your decision of actual data not hearsay.
Several years back, I was considering buying another house. Rather than just go on the advice of friends, I called my money guy. He gave me a very detailed breakdown of how it would change my future and I decided it wasn't the right decision to buy. At the end, he thanked me for checking with him first because he usually gets the call afterwards when the folks realize they totally messed up and want him to fix it all.
So long as your "money guy" has your best interest in mind and not his money... Been burned that way, so I'm speaking from experience. It's always best to do your own homework. Regardless of what others say, but asking never hurts IMHO. Cheers.
Rule number 1 - make sure your money guy is trustworthy.
Rule number 2 - always verify the information.
Asking on a forum can offer ideas, but it should never substitute for educated advice. If you can't trust your money guy, why would you think you can trust strangers on the internet...
You forgot Rule 3...Find someone who has actual experience with living full time without a home....which most money guys don't have and don't comprehend.
Even if they are well intentioned, the lifestyle is so far outside normal assumptions, that they are likely to give poor advice.
Tammy & Mike
Ford F250 V10
2021 Gray Wolf
Gemini Catamaran 34'
Full Time spliting time between boat and RV
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wanderingaimlessly
Buggs Island lake
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A nephew of mine really liked Casper WY; you might check out that area. He had to leave because his job went away, otherwise he might be there still.
Wy is a possibility, just have to see if we can get going, She likes it cold, not sure I can stand a winter there, but we'll look. Already bought a small A, installed some solar yesterday, we just need her Doc's to get the last big issue addressed.
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