The capital gains tax, which has affected an increasing number of home sales since the post-pandemic rise in home values, is leading many older homeowners to hesitate selling.
With the surge in home prices, the percentage of home sales subject to capital gains tax has risen dramatically, from 1.3% in 2003 to 8% in 2023.
As home prices have skyrocketed and the capital gains tax threshold remains unadjusted for inflation, many sellers find themselves unexpectedly liable for significant taxes.
The initial intention was for the capital gains tax to target affluent homeowners, but with rising prices, it now impacts a wider range of sellers.
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