In Indiana, increasing property values are resulting in a notable number of homeowners being subject to unexpected capital gains taxes. Approximately 13.0% of individual sellers surpass the $250,000 capital gains exclusion. The capital gains tax exemptions, implemented in 1997, remain unchanged despite a 260% increase in national home prices. Many longstanding homeowners are realizing that they could be taxed on significant profits derived from their homes' appreciation. As a result, many are choosing not to sell to avoid unexpected tax burdens that severely affect their earnings.
In Indiana, rising property values are exposing a significant number of homeowners to capital gains tax, with 13.0% exceeding the $250,000 exclusion threshold.
The capital gains tax exemptions of $250,000 for individuals and $500,000 for joint filers have not changed since their introduction in 1997, despite home prices rising over 260%.
Homeowners in Indiana face a painful realization as they discover selling their homes could lead to substantial capital gains tax liabilities, impacting their profits severely.
Many homeowners, particularly those who have lived in their properties for decades, are now encountering unexpected tax burdens as market conditions have dramatically shifted.
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