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Old 04-10-2016, 02:43 AM
 
71,471 posts, read 71,652,652 times
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Quote:
Originally Posted by freemkt View Post
At one time the Poconos was considered - by people from Jersey - to have okay skiing.
we had a ski resort right in our development . it went bankrupt the year after we bought and was gone . it really killed the area economically
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Old 04-10-2016, 08:23 AM
 
Location: SW Florida
10,279 posts, read 4,856,239 times
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My mother and stepfather sold their home on Long Island in 1987 and used the proceeds to pay for half of the cost of their new house in Florida which was something like $500 a month for a 3 bedroom 2 bath brand new home with a pool. They put the balance of the proceeds into the bank.
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Old 04-10-2016, 09:06 AM
 
Location: Tennessee
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I don't know about the exclusively part, but anecdotally you see many northerners retiring to cheaper states with a substantial amount of equity.
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Old 04-10-2016, 10:58 AM
 
Location: Scottsdale, AZ
7,608 posts, read 4,680,291 times
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Quote:
Originally Posted by artillery77 View Post
I'd imagine the problem with selling the home in the SF Bay and moving mostly on equity is that it's a one way ticket out. When you cash out, you can't move back. So you're leaving your network, friends, possibly family to go live someplace new. After a certain age, it gets harder to reestablish friend and colleague networks, especially if the goal is to not work someplace.
Yes, that's been a problem for some people I know who left CA. Not all.

My proposed solution to that problem is to sell the rental house and keep the main house for a couple of years until we're pretty sure we're not coming back to stay. Rental house should net ~$600k.

The only drawback is not getting the immediate satisfaction of putting California in our rearview mirror. I am so looking forward to that.
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Old 04-10-2016, 11:01 AM
 
71,471 posts, read 71,652,652 times
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Quote:
Originally Posted by Serious Conversation View Post
I don't know about the exclusively part, but anecdotally you see many northerners retiring to cheaper states with a substantial amount of equity.
that is a big plus for many high cost of living areas like the tristate area . even small amounts of appreciation on such expensive homes usually leave folks in better shape then most locals when they relocate to cheaper areas .

aside from the fact that higher pay leads to higher social security payments for decades .

most transplants i have known did far better with their homes then the meager savings they managed to invest . not that markets couldn't have done better for them . it is just most folks are terrible investors as well as savers .
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Old 04-10-2016, 11:04 AM
 
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When you sell rental the tax implications can be huge... recapture, capital gains, etc.

Selling the family home for most means 500k tax free.

Could do what a friend of mine did... he moved into his rental before selling it.
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Old 04-10-2016, 11:07 AM
 
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it is prorated now . they divide the years you own it by the years it was a primary and adjust the exclusion to match .

own something 10 years and it was your primary for the last 2 years and you are single you get only 20% of the 250k tax free , married 20% of 500k .

big difference since they did this in 2009
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Old 04-10-2016, 11:11 AM
 
26,589 posts, read 52,257,058 times
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Sure was a sweet deal for many... including my brother.

Back in 1997 we sold a rental we jointly owned... I paid the tax and he did a 1031 into another rental... got married in 2000 and decided to move into that rental and a couple of years later sold it and reaped the reward...
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Old 04-10-2016, 11:16 AM
 
Location: Scottsdale, AZ
7,608 posts, read 4,680,291 times
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Quote:
Originally Posted by Ultrarunner View Post
I
Another friend moved back into his rentals... he had 5 of them and over about 20 years sold them all in the SF Bay Area and maxed the 500k couple exclusion... retired to a nice home on the Nevada side of Lake Tahoe... no State income tax... said it is much better to pass away in Nevada than California... know a couple of Silicon Valley Executives that worked out retirement transfers to Nevada so certain tax offsets came in as this was a work related move... even my CPA retired to Nevada.
Ex-Californians are the reason why Incline Village, NV is so expensive.

Still, I'd live there...at least part of the year.
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Old 04-10-2016, 11:20 AM
 
8,820 posts, read 5,121,165 times
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Quote:
Originally Posted by jimdc58 View Post
Regardless of from where he got the money, living in retirement on only $650,000 is a VERY risky proposition.
For goodness sake. Most people will have far less than that.
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