Imagine selling your home for much more than you ever expected. That’s what happening these days as our hot Lowcountry seller’s market continues to crank out the heat.

And if you make a profit on that sale, you might not have to pay any taxes on that money that you receive.

Here’s what the Internal Revenue Service says:

“If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse.”

This “sell high” scenario sounds pretty good but there are two problems: 1. Where will you live after you sell?; and 2. Can you buy low after you sell high? (Answer: If it’s still a seller’s market, probably not).

But here are some ideas about where you can live:

• Live with your adult children for some time while you are looking for your new home.

• Lease back your home after you sell it until you find some place that satisfies your needs and wants.

• If you qualify, move to an active lifestyle “55 and over” community with a lot of amenities (like Sun City Hilton Head).

• Some 55-plus communities offer home-buying or home-renting options (homes, cottages, townhomes, condos).

• Think about right-sizing and  buying a single-family home, townhome or condo closer to your family.

• Explore independent living opportunities in other towns. Consider renting an apartment for a year or two in an area that you would love living in.

• Rent or buy an RV and tour our great country for a year or so. There are plenty of places to see and stay; then decide where you want to live after your adventure.

• If you love where you are currently living but need and/or want that gain from the sale of your home, think about right-sizing – buying a smaller home and aging in place.

• If you are thinking that you might need some assistance down the road, think about independent living that allows transition to assisted living.

Larry Stoller is a broker and Realtor with Real Estate Five of the Lowcountry. Larry@RealEstateFive.com, RealEstateFive.com, SunCityOpenHouses247.com