We are selling our home and it's a seller's market right now: Big demand, little supply. [View all]

We got a big shock from a realtor: we are moving into a retirement apartment (Masonicare) and selling at a great time. We got very, very lucky. A little over 30 years ago we paid about $155,000 for 3 BR, 1 1/2 baths prewar (1941) colonial in a very nice but middle class neighborhood in the Westville section of New Haven. It is on the other side of town from the Yale campus, so I thought we were probably not going to get a lot of money for it. It turns out the market has an insufficient supply and a great demand. It is near a very upscale private school and within walking distance of an Orthodox shull (sp.?) and meets the needs of families that want those attributes.

Now I'm worried about taxes on capital gains. Our tax guy has to go over the figures and I wonder how that is going to work out.

I could barely believe my ears when I learned this.