How do I analyze moving into my vacation home?
I currently have two homes: my primary home and a vacation home. I am planning to sell my primary home in a few years and move into my vacation home.
However, I don't see how to model that in ESPlanner. When I indicate that I will sell my primary home without purchasing another, this doesn't seem to be retained. Also, I will be taxed at higher New York City rates if it becomes my primary residence.
Is there a way to model this in ESPlanner?
Sun, 03/05/2017 - 19:45
There may be more than one
There may be more than one way to do it. If you will remain in the same state, perhaps the easiest way is to set up your model so that you indicate what you now call the primary home is your vacation home, and your vacation your primary. Then just sell the vacation home and you are left with the primary (i.e., what you now call your vacation home). I can't think of a tax or other reason this would not model correctly. The model will not account for municipal taxes but you could indicate those as a special expenditure or just view them as paid from your discretionary spending.
Wed, 03/08/2017 - 11:27
That makes sense. Thanks for
That makes sense. Thanks for the suggestion.