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Boomers wanting to downsize face huge tax bills
(www.cnn.com)
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this post was submitted on 30 Jan 2024
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Don't have the money to pay the tax bill? Show me that math.
You buy a house for 300k, sell for 700k, you made 500k, that's 15% tax filed jointly on long-term property. But wait! There's more! You get to exclude the first 250k if it's your primary residence! So you're paying 15% on 250k. $37,500. Which is substantially less than income taxes.
They just sold the house and (assuming it was paid off) have 700k (less realtors fees, etc.) and absolutely could pay the tax. Even if it wasn't paid off, the capital gains would be reduced and they would owe less money. We've moved and sold 2 homes in the last 20 years, made capital gains on each sale, and paid the appropriate taxes because we aren't idiots and didn't piss the money away.
So tell me again how they don't have the "extra money to pay their tax bill"?