I sold 3 years ago….both of my homes for serious profits, and retired from my profession, because of the taxes from the sale. I no longer need the mortgage interest deductions for a mortgage and I dont have any dogs, so I am WAY ahead of the recently new homeowner these days. The "Greater fool than I" analogy comes to mind here. I got out of the "fool" business a long time ago…..it usually happens when you get older.
I would not have retired so soon, if it werent for tax exposure from my real estate returns and retirement income, I liked my job. But now, I wouldnt change it for anything.
Anytime you have to spend 3 dollars to save 1 dollar in taxes, its a exercise in ridiculousness. Wheres the logic ? ESPECIALLY if your "investment" is DEPRECIATING daily…like real estate. I hope people continue to buy real estate, I have a lot of friends that are agents and they deserve the sability. BUT, we all know it cant end nicely like that…..Even they admit that.
I saw the writing on the wall, it sure didnt take a genius, I couldnt care less what motivates other people, I only know whats right for me. So I sold. One thing is for sure, I would rather be where I am now than sitting on a house or two "wishing" the market would continue it skyrocket climb……
Like my father used to tell me: "Wish in one hand and shit in the other…then tell me which hand fills up faster".
