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Selling a primary residence and renting a new residence in My Plan
Selling a primary residence and renting a new residence in My Plan

This article describes selling your primary home to rent a new residence.

Nancy Gates avatar
Written by Nancy Gates
Updated over a week ago

You have the ability to model selling your primary home and renting a new residence in My Plan. This is a great way to account for a move to a retirement community as well. If the new residence in in a different state, your state tax modeling will update to your new state at the time of the sale.

  1. On My Plan > Home & Real Estate, open the "Future changes to primary residence" section

  2. Press "Model a future change to your primary residence"

  3. Select "Sell/Rent" when asked what type of change you would like to model

  4. Enter the age that the primary user will be at the time of relocation

  5. Select an account to fund any relevant sale proceeds

  6. Enter the estimated rent for your new residence

  7. Enter the state of your new residence

  8. Head on over to My Plan > Expenses and Healthcare to account for any seller’s fees and taxes you'll need to pay as a result of the sale of your primary residence. We don’t include these items as we don’t know the cost basis of your home and whether you might qualify for any exclusions.

  • If your relocation results in a net gain, you will see income labeled "Relocation" in the Insights > income and Expenses > Estimated Income Chart.

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