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

submitted 10 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] 2 points 10 months ago

It's a ridiculous scenario considering the real value of their home. They might as well have invented a scenario where these people only get $100k for their 3000sqft, 5 bedroom home and then have to pay $2M for a one bedroom condo on the bad side of town.