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Boomers wanting to downsize face huge tax bills (www.cnn.com)

submitted 9 months ago by MicroWave to c/news

165 comments fedilink hide all child comments

After 33 years and four children, Baby Boomers Marta and Octavian Dragos say they feel trapped in what was once their dream home in El Cerrito, California.

Both over 70, the Dragos are empty nesters, and like many of their generation, they’re trying to figure out how to downsize from their 3,000-square-foot, five-bedroom home.

“We are here in a huge house with no family nearby, trying to make a wise decision, both financially and for our well-being,” said Dragos, a retired teacher.

But selling and downsizing isn’t easy, appealing or even financially advantageous for many homeowners like the Dragos family.

Many Boomers whose homes have surged in value now face massive capital gains tax bills when they sell. This is a kind of tax on the profit you make when selling an investment or an asset, like a home, that has increased in value.

Plus, smaller homes or apartments in the neighborhoods they’ve come to love are rare. And with current prices and mortgage rates so high, there is often a negligible cost difference between their current home and a smaller one.

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[–] [email protected] 56 points 9 months ago* (last edited 9 months ago) (1 children)

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.

[–] Blooper 7 points 9 months ago

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. :(