Representative Marjorie Taylor Greene has introduced the No Tax on Home Sales Act, a bill aiming to eliminate the federal capital gains tax on the sale of primary residences. She argues that this tax unfairly penalizes homeowners—particularly long-time owners and seniors—by reducing their profits when they sell, especially after significant home price appreciation in recent years. Currently, homeowners can exclude up to $250,000 ($500,000 for married couples) in gains from taxation, but those limits haven’t changed since 1997.
Greene claims her bill would unlock home equity, boost housing supply, and make the tax system fairer. It would not apply to flippers or real estate investors.
If this proposal does go into effect this could unlock a portion of existing home inventory and help increase supply which could help with the surge of housing demand which we have seen of late.
Source : https://bit.ly/3IMuhkN
By: Jon Iacono