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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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Aww these poor Boomers just made too much money on their homes and now they have to pay some taxes if they want to sell for huge profits. Boo fucking hoo.
While also taking away starter homes.
What the fuck am I supposed to live in?
I'm sick and fucking tired of moving from rented basement, to rented attic, to basement, to garage... Etc... every 2 goddamn years I have to move. I'm almost 40, never going to be married, and stuck renting absolute overpriced shit. I'm so over it.
Not that I don't emphasize with your struggle - I just want to point out that there are people stuck in those "starter homes" with 5 or more kids who could really benefit from a 5 bedroom upgrade because they're at a point in their lives where they can afford it and they need it. The housing crisis we're living through produces victims up and down the income ladder.
Also this whole problem can be traced back to our absurd zoning laws blanketing most of California and the US. Still the boomers' fault, but not for decisions they're making today. Most of them are screwed right along with the rest of us. :(
Is this accurate? I’m having a hard time believing it, but if it is true, then they need all cash to buy a smaller home. Downsizing shouldn’t be a money-losing proposition, otherwise there would be 0 interest in doing it.
The argument is that these people will sell their really large house then pay the same amount they earn on a smaller condo. This is going to be very much context dependent and frankly I don't buy this as a problem for most people.
As you get older, you may no longer find it worth keeping up a larger house. It’s not just repairs, but furnishing and decorating and cleaning and insurance and taxes