Reported about 21 hours ago
As retirees consider downsizing, tax implications greatly influence their decisions, particularly when relocating. Tax attorney Adam Brewer highlights how the Tax Cuts and Jobs Act has prompted shifts from high-tax states like New York to lower-tax options such as Florida due to reduced state and local tax deductions. He cautions retirees about the complexities of selling homes, especially to family, warning them of potential capital gains taxes for heirs in the future.
Source: YAHOO