Your Decision To Sell Your Empty Nest Just Got $10,000 Easier
The percentage of Americans who continue working for as long as their health allows and then retire with little or no savings, and it is likely only to get bigger, but another major reason why the Americans over the age of 65 who remain in the workforce are still there is inertia. It is easier to stick to your routine than to change it, especially if nothing about your current routine is intolerable. If your daily commute to work requires you to drive for an hour on I-75 in each direction, then the decision to retire is easy; if you still owe a hefty sum on your mortgage, then staying in the workforce is the obvious choice. Indecision is one of the side effects of retirement that no one talks about. You are thinking about selling your empty nest, but you don’t have a clear idea of where else to move, so you might as well stay. A new tax credit may help you make up your mind. The IRS is offering a five-figure tax credit for people who sell houses to first-time homebuyers. If this makes you rethink your plans, then the first step toward a fruitful rethink is to contact a Tampa estate planning lawyer.
A Tax Credit for Making Houses Available to First-Time Homebuyers
Unless your children confide in you about their financial struggles, it is easy for people your age to skip over the news articles about the dire financial circumstances of working adults under the age of 40. Therefore, you might not have paid attention to the news about a $10,000 tax credit for first-time home buyers. What affects you more directly is that you also get a $10,000 tax credit if you sell your house to someone who has never owned a real estate property before. If you sell your empty nest to a family that is better equipped to fill it, you get an extra $10,000 with which to move to more senior-friendly accommodations.
Be Amazed at How Much Retirees Can Do With $10,000
$10,000 doesn’t go as far as it used to. The young people who buy your house will probably see their ten grand disappear to old tax debts or paying down their credit card balance; they probably won’t even get to spend it on furnishing what was once your empty nest. Retirees, on the other hand, have fewer expenses. You can spend your tax credit on a cash gift to your own children, or you can pay it toward a tiny house in a senior-friendly neighborhood where there is a Publix in walking distance. If you decide to use the money to splurge on a vacation, you are the right age to do it.
Contact David Toback About Embracing Change in Retirement
A Central Florida estate planning lawyer can help you break out of your retirement inertia and make an actionable plan. Contact David Toback in Tampa, Florida to set up a consultation.
Source:
finance.yahoo.com/news/janet-yellen-says-almost-impossible-150015396.html
