You Can Get A $10,000 Tax Credit If You Sell Your Empty Nest
Indecision is one of the worst parts of being newly retired. Day after day and year after year, you rushed to get to work every morning. Even after your children grew up and moved out of the house, you eagerly anticipated their arrival on the weekends. Folding laundry for the whole family on Sunday evenings was as much of a comfort in the recent past as it was when your kids are little. Now that you are retired, your empty nest really feels empty. What business do you have in a suburban bedroom community where most of your neighbors participate in a lifestyle that has left you behind. The sidewalk-lined streets are eerily quiet at midday. You occasionally see a housewife walking her dog, and you think that she must be lonely, but you know that you are lonelier, because it is only a matter of hours before her husband and children return home, bringing with them just enough chaos and a never-ending to-do list. If you leave, though, where will you go? Does it really matter if you move somewhere else or stay where you are? Consider that, by moving out of your empty nest, especially if it is modestly priced, you could be freeing it up for someone who needs it more than you do, and this year, the IRS will reward you if you do this. For help strategizing about what you will do if you sell your family home after you retire, contact an Orlando estate planning lawyer.
What Do Retirees Have to Do With First-Time Homebuyers?
You know you are old when you take comfort in the fact that the world’s problems affect young people more than they affect you. Consider that most Americans under 40 will never be able to afford to buy a house unless their parents are wealthy enough to contribute to the down payment. Does this affect you, now that you have bought a house, paid it off, and raised a family?
According to the IRS, it does. In order to include more first-time homebuyers in the real estate market, the IRS is offering a $10,000 tax credit to first-time homebuyers. Of course, lack of houses available for sale is one of the problems these buyers are facing. Therefore, if you sell your house to a first-time homebuyer, you also get a $10,000 tax credit.
What Would You Do With $10,000?
If you are a millennial, then $10,000 goes straight to debt repayment or to furniture for your starter home, but you, the retiree who made the starter home available, have more options. You could spend the money on travel. You could also use it to move to the tiny house or granny pod of your dreams. You could even give it to your children to use as a down payment on a starter home.
Contact Gierach and Gierach About Embracing Change in Retirement
An estate planning lawyer can help you overcome your indecision now that you are new to retirement. Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.
Source:
finance.yahoo.com/news/janet-yellen-says-almost-impossible-150015396.html
