Many Boomers whose homes have surged in value now face massive capital gains tax bills when they sell.
Plus, smaller homes or apartments in the neighborhoods they’ve come to love are rare.
Taxes on capital gains drain profits from a saleFederal and possibly state capital gains taxes can be significant for long-time homeowners who have seen their property values soar over several decades.
They paid the capital gains and moved because their home was isolated and they wanted to be closer to conveniences, health care and other people as they aged.
Few smaller homes in areas they’ve long livedMany neighborhoods where older homeowners have long lived are zoned for single-family homes and have few smaller homes or multi-family properties like condos or rental buildings.
Persons:
Baby Boomers Marta, Octavian Dragos, ”, Dragos, ” Dragos, —, they’ve, “, Peter Poulsen, Poulsen, Jimmy Panetta
Organizations:
DC CNN, Savings
Locations:
Washington, El Cerrito , California, California, Livermore , California