Kirk's Market Thoughts Message Board

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Non-Tech : Kirk's Market Thoughts

COHR 181.67

+2.4%

Dec 5 9:30 AM EST

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To: Sun Tzu who wrote (11545)	7/5/2021 5:14:46 PM
From: Kirk ©	Read Replies (1) of 26710

Reread what I just finished. Skyrocketing prices are HORRIBLE for those of us who live here. I've been working on calculating taxes if I cash in. When I bought, the idea was to ride appreciation on a large piece of land and old house for 25 years or so, sell, not have taxes to pay due to the exclusions, keep my property tax basis since I would be over 55 and buy a nicer but smaller home nearby and pocket the appreciation. Today, I'd owe so much on taxes from the gains that I'd not have enough to buy a smaller place in a cheaper city! I did the math and I think I'd owe about $1M in taxes if I sold. Some houses are getting bid up $1M over asking so who knows what it would cost to buy a new home and it could cost more than my sale price by the time I got one. Also, it has made it so expensive to live here that local businesses charge much more than elsewhere ($16ish min wage) that our cost of living outside of housing is skyrocketing.

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