Perhaps the BEST B1G Forum anywhere, here at College Football Fan Site, CFB51!!!

I certainly do mean to open it. Your position is that localities can basically do whatever they want and if it screws people over and harms the country, welp, so what. While I agree that local government is very important, you don't have to be a rocket scientist to know that could also lead to some major problems.

That is not my position at all.

I believe in home rule, within the context of the State and Federal Statutes/Codes and their Constitutions.

Municipalities get sued all the time, and they lose their share. It's healthy.

It will be interesting to see what shakes down in Dolton, Illinois.

My realtor friend says this is very common, and he includes himself.  He and his wife own a 4 bedroom built in 1960.  It's worth somewhere around $650 K, he paid $220 K a while back.  He could sell, but then what?  Pay taxes on the gains, and buy ... where?  He just closed for others on a 2 bedroom condo near us for $815 K.  Two bedrooms, 1500 sf.  Yeah, it's a nice building.  Great.

He'd like to move, they are getting too old for maintenance etc.  He's stuck.  It would be a nice home for a family of four.  He's also paying on a 2.875% interest loan.  He ssays this is a wide spread situation.

The other story mentioned that for those filing jointly, you have up to $500K in gains that are not subject to capital gains tax. So for him he'd only net ~$430K gain; not taxable. 

The other questions are valid. Where are you going to go? What will it cost (gross)? What will the loan cost?

Although you'd think if he's downsizing and he can roll that $430K gain, plus all the value that he gets back from paying down the mortgage, he could potentially get a smaller place for cash and may not need to worry about interest rates. 

Unless he wants to roll into a nice deeeluxe apartment in the sky like his good buddy CD. That's $$$ 

Well, isn't that just believing in the law? Which changes from time to time.

Yep.

I had a good year.