Sorry, let me clarify...
not selling dad's (now mom's) property (two commercial properties) we need the rent off those two properties to pay for mom's care/expenses.
Curious how much tax they will take on my residential if I were to sell it and move on in a few years if I retire. (Owned and have lived in that house for over ten years).
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Originally Posted by porsche4life
I'd suggest consulting a tax attorney.... With it being inheritance I'm not sure how that works with the capital gains. Worth a few hundred in consultation fees to make sure it's done right. But yes if it's been your primary residence for two years, you can dodge some of the taxes.
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Great advice! Retirement is still several years down the road... but that doesn't stop me from daydreaming
when the day comes I will seek professional advice.
Quote:
Originally Posted by look 171
Scott, you leaving paradise? Where are you planning to go after retirement?
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And there is the rub... where would I go? My whole life (58 years) in the big city I am just getting an itch to downsize... but it is a big roll of the dice... and when I'm over 60 don't want to jump around trying to find something else that fits. The only places that actually have better weather (Hawaii and San Diego) are also the only places that a higher cost of living... and San Diego is still the big city.