You have the ability to model selling your primary home and relocating to a property you already own in My Plan. If the property is in a different state, your state tax modeling will update to your new state at the time of the sale.
STEP 1: Head over to My Plan > Home and Real Estate > Primary Residence and enter your current primary residence with your current zip code and any relevant mortgage information.
STEP 2: Add the second residence as “Other owned real estate” with the appropriate zip code and any relevant mortgage information.
STEP 3: Press "Model a future change to your primary residence."
STEP 4: Select "Sell/Rent" when asked what type of change you would like to model.
STEP 5: Enter the age that the primary user will be at the time of relocation.
STEP 6: Select an account to fund any relevant sale proceeds.
STEP 7: Enter zero dollars for the estimated rent for your new residence because you will be moving to a property you already own.
STEP 8: Enter the state of the "Other owned real estate" where you plan to relocate.
STEP 9: 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 a green column labeled "Other" in the Lifetime Income Projection Chart.
If your relocation results in a net gain, you will see income labeled "Relocation" in the Insights > income and Expenses > Estimated Income Chart.