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Article: Multiple Relocations
Article: Multiple Relocations

The Planner currently allows for one change to your primary residence. This article explains how to work around this and model multiple.

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

Within My Plan > Home and Real Estate, you are able to model your primary residence as well as one change to your primary residence. While we do have plans on increasing this from one change to multiple changes in the future, for now, we will need to perform a workaround to model multiple relocations.

NOTE: This workaround cannot model multiple state-level income tax treatment changes, but it can address moves with up to one state change.

Before we proceed, first think about potential state changes. Since we can only model one switch, consider which two states (your current and the new state that you'll spend the most time in) have the biggest impact on your plan.

Step 1: Model your primary residence in the "Other Owned Real Estate" Section. NOT the "Primary Residence" Section

Step 2: Set your "Primary Residence" Section as Rent with $0 rent, located in your current ZIP code (this sets state tax rates)

Step 3: Model your future change to your primary residence as relocate and continue renting with $0 rent at the age you will be when you make your major state tax change. This is your opportunity to change states.

Step 4: Now model selling your first home by using the "Future Real Estate Sales" section. You can model the purchase of your new residence for your first relocation by using the "Future Real Estate Purchases" Section. Make sure to have the purchase age be the same as your future real estate sale age

Step 5: For your second relocation, you can model selling your second residence using "Future Real Estate Sales" and model buying your third residence using "Future Real Estate Purchases" within the same age

Step 6: For all additional relocations, please repeat Step 5

NOTE: Make sure to 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.

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