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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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I appreciate the "all sides of the conversation" approach, but their gripe is with having to pay taxes on completely bonkers returns. That's not a surprise for anyone.
That's not what the article says.
Sure, they'd make a lot of money selling their house. But if it's your only residence, you can't just sell your house unless you're willing to move away from your home, potentially any remaining family, etc. Places a lot of people have lived for generations.
Because you have to buy another home. And the article states that mortgage rates are ridiculous, house prices are very high for all homes, they simply can't find smaller homes in a lot of cases because builders are primary building huge houses, and the capital gains tax is impacting single-family houses in a way it wasn't designed for. They are essentially trying to downsize and coming out worse or the same as if they stayed in too large of a house.
This is bad for everyone: people can't downsize, people who want/need larger homes can't find any on the market, builders continue to think big houses are what people want and keep only building them, people can't move into/out of neighborhoods causing them to stagnate, etc.
Read the article dip shit.