I own my home outright but spend $64,000 a year on just property taxes ($32,000) utilities ($25,000) and insurance ($7,000).
I have substantial equity, but can’t sell because sales tax would take too much. So I am forced to hold on it and leave it to my kids when I pass so that the basis will reset allowing them to sell without having to pay taxes on the appreciation.
There’s sales tax on a home sale when you sell a home?