RE:RE:Ready for another capital gains tax "myth"....Moemoney42 wrote: "If I sold my paid off, sort of "tired" old house I woud get what it costs to buy a 2 bedroom condo now.
Add all the expenses of prepping the place for a sale, sales expense and moving and it's a loosing proposition."
So what's your point.. you buy that new condo for what its worth now without dipping into your own bank account.. if your gain is so low that you can't cover the expenses of disposition maybe you should have maintained your house to extract a better value..?
That's like saying I sold my 1985 Cadillac and could only buy a used 2022 Beetle.. hey man, welcome to the real world.. we're all in the same boat buddy..!
You got it Moe ! The real world....my point was it's not what keeps being repeated in the discussion about boomers sitting on BIG MONEY because of the residence exemption for capital gain taxes.
My specific situation is I bought this place 25 years ago....and it was either me or the bulldozer at the time. Single house on a duplex lot....I did a big reno and added on. I don't know if it's for "everybody" but I like it just fine...given what duplex lots are worth now there's a real possibility that a buyer would level it to put up a duplex (or a packerdriver clone might just buy it and throw a bunch of money at it like I did)....for me it's kind of hard to justify spending the money and the work involved....you know how it is...you get gold, you get lazy too.;);) It's all good, I got no complaints at all.