sell home or not to sell
WE are in a situation where we are thinking about selling our home and buying a class A rv to travel for a few months before we purchase another home. We do not have a mortgage and are both retired wi...
Forum Discussion
Ivylog 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.
“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.
