nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

Lifetime Planner Problems with Sale of Home

Karen SCHERMERHORN

I'm selling a current home and cannot get the value to change under sale info (which seems to be the only place you can axcess this info. It asks for the expected growth rate to produce the value but no matter what I put in there the value does not change.

Find more posts tagged with

Accepted answers

All comments

Scooterlam

In the plan results window, there is a gear icon. Pull it down and select "show amounts in future value" You should see, in the year you sell the home, the effects of the rate of growth you selected. Does this help?

Image: https://us.v-cdn.net/6031128/uploads/editor/nd/jfmgguv6gjyw.png

Karen SCHERMERHORN

I did that but I plan on selling it next month. That did not change the value amount.

Scooterlam

okay, next month. What I would do....

1. Click into your asset register where you track your home value. Made an "market adjustment" in that register to equal (more or less) the selling price of your home.

2. Go into Lifetime Planner under Planning Assumptions> Current homes and assets and uncheck the "exclude from plan" box for that home. You probably already know the rest....

3. Click on Sale Info button and complete the wizard. You should see the market value you entered in step 2. I would probably zero out the "rate of growth" figure, if you will likely close the sale this year.

4. When you close the sale and receive the net (after you payoff any loan obligations), you can go ahead and "exclude" that home asset account in LTP to avoid any double dipping.

5. You can then add any new home purchase as an asset account and include in LTP and/or ensure that the account in which the net proceeds were deposited are represented in LTP - if that is what you want to do

Does that help?

NotACPA

@Karen SCHERMERHORN as a total aside, by any chance were you related to Kenneth Schermerhorn?

Karen SCHERMERHORN

no i am not

Karen SCHERMERHORN

Scooterlam, that is a work around which is not really satisfactory to me. Once it happens obviously it doesn't need to go into the lifetime planner. I'm just worried about the accuracy of the program itself for future planning.