Reply to Honestly the complete disregard for GenX financial strain is getting old

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Reply to "Honestly the complete disregard for GenX financial strain is getting old"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I live in a highly desirable suburb with top schools, and half my street of large homes with property is occupied by Boomers or older Gen X with grown and flown kids.

My theory? We are just stuck. Many people in their late 60s and early 70s are still caring for elderly parents who had them so darn young. Coming up behind these Boomers are Gen X and Millennials who aren't having kids, or having them late. So there's no incentive to move to be nearer to grandchildren because they don't exist. Instead, everyone's visiting the nursing home.

It's depressing.[/quote]

as a genx with grown and flown we are absolutely sitting. Problem #1 is they need to raise the capital gains exemption on primary homes to keep up with inflation. At this point why would i take that tax hit? no thank you.  Problem #2 interest rates on new homes are higher than what i currently have. No motivation to move. #3 inflation. i’ve remodeled this house to something i love. If we moved remodeling costs are now too high. Not looking to pay these crazy inflated costs for what i want.  Maybe i will die here and my kids can have this at the stepped up basis and walk away with a fortune. [/quote]

My solution would be different- eliminate capital gains exclusion entirely, eliminate step up basis. This way, there will be a tax hit either way and timing doesn't really matter. Sick of catering to the real estate lobby.[/quote]

well you won’t get to. Raising the capital gains exclusion is a current discussion and is bipartisan. [/quote]

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