Quote:
Originally Posted by Randall55
It is VERY LIKELY. Most homes in the Villages were bought many years ago. The Covid boom doubled the home values and then some!
Currently, this may be difficult. Inventory has risen tremendously in the past few months causing price reductions. Just a year ago, sellers were cashing-in, BIG TIME. Timing is everything.
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No one was talking about the re-sale of a home bought in TV...
The poster to whom I responded is a current renter, who commented that he has $550K from the sale of the home he lived in before moving to TV...
No one stated, nor suggested that they had a "Covid Windfall" that netted them $550K after the sale of their previous home.
But, for the sake of argument, let's say the $550K was pure profit. They would only owe capital gains on $50K...
Plus, you have 2 years to buy another home of equal or higher value of your net selling price and you avoid capital gains taxes completely...