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Should we sell our home in 2017, or wait until 2018 when our income will be lower?
In 2017 our income will be around 270K. We also have 30K in LTCG from the sale of an investment property. We are going to be selling our home soon which will yield around 100K in LTCG, even after exemptions. My wife is retiring, so our income in 2018 will be about 150K. Should we sell the home, 2017 or 2018, or does it not make any difference? Will any of the tax proposals in Congress affect this question?
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June 6, 2019
7:46 AM
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After you file
That's a tough call. The Congressional tax proposals are still in a state of flux, and it is unknown whether any of the provisions will be effective for 2017. That being said, also consider your State taxes.
https://www.fool.com/retirement/2016/12/11/long-term-capital-gains-tax-rates-in-2017.aspx
June 6, 2019
7:46 AM
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Also, from a homebuyer's perspective, the current tax proposal eliminates the itemized deduction for real estate taxes, so that could impact your selling price.
June 6, 2019
7:46 AM