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Real Estate
Reply to "Retirees buying 4,000 sq ft houses?"
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[quote=Anonymous][quote] It make zero sense to downsize for many. My neighbor bought his 6,3000 house in 1975 for $150,000 irbid now worth 1.8 million. [b]With 500k exemption he would owe taxes in 1.15 million at capital gains rate and state tax be like 300k. [/b][b]Plus 120k realtor fee/moving costs. [/b]Then where would he go? The house is only 2,100 sf per floor. He renovated main level to add huge master suite with bathroom. He rarely goes upstairs or downstairs. He is already 85 and still perfect health. He does keep his house up, new roof, window painting, lawn service. He has lived there 50 years so has a guy for everything. He would lose that too if he moves[/quote] This. If he keeps the house the heirs inherit it at the cost basis on day of death (so inheritance is much higher with no taxes). Inheritance will be much more. Also the realtor and moving costs are a factor.[/quote]
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