"The bill, introduced on Jan. 13, would allow homeowners to sell their primary residence without paying capital gains taxes, provided they have lived in the property for at least two years. Last summer, Rep. Marjorie Taylor Greene (R-Ga.) called for an end to capital gains taxes on home sales by introducing her own bill, which has yet to advance out of committee."
"Her comments were echoed shortly thereafter by President Donald Trump, who said he could support such as measure due to the Federal Reserves failure to lower interest rates and address housing affordability. Goldman's bill also aims to increase the national housing supply, reduce the tax burden on homeowners and improve housing affordability. As of Friday, the bill's full text was not available on the website of Congress."
"Tax filers currently can exempt up to $250,000 for individuals or $500,000 for married couples filing jointly from capital gains taxes when selling a primary residence after living in it for at least two years. But the exemption caps have remained unchanged since 1997 and have not been adjusted to match significant increases in home values, which critics say discourages sales and reduces housing availability."
Introduced Jan. 13, the bill would allow homeowners to sell a primary residence tax-free if they have lived in the property at least two years. Last summer Rep. Marjorie Taylor Greene introduced a similar bill to end capital gains taxes on home sales; that measure has not advanced out of committee. President Donald Trump said he could support such a measure because the Federal Reserve failed to lower interest rates and address housing affordability. The bill aims to increase national housing supply, reduce homeowners' tax burdens and improve affordability. The full text was not available on Congress’s website. Current exemptions remain $250,000 individual/$500,000 married, unchanged since 1997, which critics say discourages sales and reduces housing availability.
Read at www.housingwire.com
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