- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
What happens to homes when occupant passes?
Posted on 5/7/24 at 2:18 pm
Posted on 5/7/24 at 2:18 pm
Great majority of boomers are likely to die in next 5-10 years, makes me think another housing crisis where inventory floods the markets.
My thought process is that kids will inherit homes that they can’t pay the tax based on market value and will choose to liquidate. Does that assumption hold?
My thought process is that kids will inherit homes that they can’t pay the tax based on market value and will choose to liquidate. Does that assumption hold?
Posted on 5/7/24 at 2:21 pm to fareplay
The government takes half.
Posted on 5/7/24 at 2:21 pm to fareplay
My boomer parents passed recently. So now I'm paying that mortgage and my own until their house finally sells.
Posted on 5/7/24 at 2:23 pm to fareplay
quote:
What happens to homes when occupant passes?
your threads haunt me.
Posted on 5/7/24 at 2:24 pm to NfamousPanda
What were other options? Was there a liquidate option for market value or lower? Also did you have to pay tax on parts they paid off?
Posted on 5/7/24 at 2:25 pm to fareplay
Depends on the state and whether or not heirs act upon succession but the short story would be whatever is not acted upon by heirs or family would become state property.
You don't have to inherit it. Just don't act on succession. Leave the contents inside, notify the state you do not wish to act up succession and they can have it.
quote:
My thought process is that kids will inherit homes that they can’t pay the tax based
You don't have to inherit it. Just don't act on succession. Leave the contents inside, notify the state you do not wish to act up succession and they can have it.
quote:This is also "misleading". By the year 2030 we will have more people over the age of 65 then under the age of 18 for the first time in our nations history.
Great majority of boomers are likely to die in next 5-10 years
This post was edited on 5/7/24 at 2:46 pm
Posted on 5/7/24 at 2:25 pm to fareplay
Most will sell the houses cheap
Posted on 5/7/24 at 2:26 pm to fareplay
Your thread title is way off from the question you actually want answered.
Posted on 5/7/24 at 2:26 pm to LSUfan4444
And probably advantageous for the state to liquidate since managing the property is costly. Maybe us younger gen ain’t super fricked soon
Posted on 5/7/24 at 2:26 pm to fareplay
quote:
My thought process is that kids will inherit homes that they can’t pay the tax based on market value and will choose to liquidate. Does that assumption hold?
Stepped up basis helps when you sell.
Don’t have to pay anything but property taxes until you sell.
Posted on 5/7/24 at 2:26 pm to fareplay
quote:
The phenomenon, dubbed a “silver tsunami,” refers to a supposed massive number of homes flooding onto the market, freed up by baby boomers. The number of baby boomers alive and the share that are homeowners has to decline at some point, but there’s been a fear that “given the sharp increase in how they came into the world, there’s going to be a sharp fall off in how they go out,” Finnigan says.
But that’s not the case; it’s not a cliff.
More than 9 million homes are expected to come onto the market in the next decade, as there will be nine million fewer baby-boomer-owned homes or households, according to Freddie Mac. But “the tsunami is more like a tide, bringing a gradual exit that will mostly be offset by new entrants,” it said. Nine million homes is a big number, but would only be roughly 9% of all owner-occupied homes, Finnigan says.
If you look at what happens to homes when people pass away, Finnigan’s team found, it takes about four deaths to equate to one home listed for sale. And not to be so grim, but when people pass away, their partner might hold onto their home, or it’s passed on to their children. So if there were to be three to three and a half million deaths per year for the next decade, then less than 1 million homes would be listed for sale, .
Posted on 5/7/24 at 2:27 pm to LSU1018
quote:
Most will sell the houses cheap
Why would they do that? We sold mother in laws place for market value. This was about a year ago.
Posted on 5/7/24 at 2:27 pm to NfamousPanda
quote:
My boomer parents passed recently. So now I'm paying that mortgage and my own until their house finally sells.
Ditto.
If anyone wants to buy a two bedroom condo in Corn Sticks, Midwest, USA for real cheap, hit me up
Posted on 5/7/24 at 2:27 pm to fareplay
quote:
What happens to homes when occupant passes?
Posted on 5/7/24 at 2:28 pm to fareplay
Get to work. The government will take care of all that.
Posted on 5/7/24 at 2:29 pm to Dawgfanman
This is my lack of tax law but I’m assuming it’s an inheritance and at a large sum, there should be a large tax bill. Most Americans don’t save so easier to liquidate and collect cash
Posted on 5/7/24 at 2:29 pm to Dawgfanman
quote:
Why would they do that? We sold mother in laws place for market value. This was about a year ago.
They are not going to want to fix things up, they will just want to get it sold.
Posted on 5/7/24 at 2:32 pm to LSU1018
quote:
They are not going to want to fix things up, they will just want to get it sold.
Well that much was certainly true in our case. But that still means we got market value. There are already homes priced based on repairs needed. We had people lowballing us because they thought “you’ll just want to get rid of it” but we marketed it just like any other house and got good money for it.
Posted on 5/7/24 at 2:32 pm to Dawgfanman
Yes but the point is market price will reduce due to increase in inventory if the assumption holds that boomers are in their last legs
Posted on 5/7/24 at 2:33 pm to Dawgfanman
quote:
Don’t have to pay anything but property taxes until you sell.
45% of baby boomers who own a house, still have a mortgage on the house
Popular
Back to top
Follow TigerDroppings for LSU Football News