๐บ๐ธ Congresswoman Marjorie Taylor Greene introduces the "No Tax on Home Sales Act," aiming to eliminate federal capital gains tax on primary residence sales, providing tax relief to homeowners and potentially boosting housing supply nationwide very soon.
Congresswoman Marjorie Taylor Greene has introduced the "No Tax on Home Sales Act," a bill aimed at eliminating federal capital gains tax on primary residence sales. This proposal seeks to provide tax relief to homeowners and boost housing supply nationwide.
Key Provisions:
Elimination of Capital Gains Tax: The bill would completely eliminate federal capital gains tax on the sale of primary residences.
Increased Housing Mobility: By removing a key disincentive to selling, the bill aims to encourage homeowners to move, thereby increasing housing supply.
Tax Relief: Homeowners looking to downsize or relocate would benefit from this move, as they wouldn't be penalized for appreciation.
Protection for FirstTime Buyers: Improved inventory and potentially lower prices in constrained housing markets could benefit firsttime buyers.
Current Tax Exemption: Currently, the IRS allows an exclusion of up to $250,000 ($500,000 for joint filers) in capital gains from home sales, but these limits haven't been updated since 1997. As home prices have risen, more middleclass homeowners are being hit with capital gains taxes originally intended for wealthy investors.
Potential Impact: If passed, this bill could significantly alter the housing market dynamics, potentially leading to increased housing supply and benefiting homeowners who've seen significant appreciation in their property values.