In Texas, nearly one-third of homeowners are at risk of facing capital gains taxes when selling their homes, with 32.9% exceeding the $250,000 exclusion limit. Another 7.1% surpass the $500,000 threshold, exposing them to significant IRS taxes. Home prices have risen more than 260% since 1997, leading to increased equity that surpasses outdated federal caps. A 'stay-put penalty' emerges as many homeowners choose to delay selling, which results in low housing inventory and rising home prices across the state, complicating the affordable housing landscape.
Nearly one-third of Texas homeowners might face unexpected tax bills when selling, as 32.9% exceed the $250,000 federal capital gains exemption.
Texas has experienced over 260% growth in home prices since 1997, pushing many homeowners over long-held capital gains thresholds.
The capital gains exemption hasn't changed since 1997, leading to increased tax liabilities for homeowners as home values soar.
Homeowners are increasingly delaying moves due to the 'stay-put penalty,' contributing to low housing inventory and rising prices in Texas.
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