Older homeowners are increasingly reluctant to sell their properties, with over half indicating they will never do so. Motivations for those who sell include financial needs for healthcare, reduced upkeep responsibilities, and the desire for a quieter life in warmer areas. A growing motivation is to assist grown children who may benefit from leveraging the family's real estate wealth. Baby boomers collectively possess significant real estate assets, and the timing and method of property transfer greatly influence tax implications for heirs, highlighting the complexities involved in estate planning.
Older homeowners often hesitate to sell, with motivations including accessing equity for healthcare costs, avoiding maintenance burdens, and aiding grown children. Baby boomers hold substantial real estate wealth, and the method of property transfer impacts tax liabilities for heirs.
When you’re considering selling your home, it’s essential to understand the impact of timing on tax consequences. Transferring a home during your lifetime results in different tax liabilities compared to inheritance.
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