Currently, equity increases in the value of a primary home are taxed as capital gains for any increase over $500K for married couples. This figure has not increased since 1997. Home prices have skyrocketed in the last 10 years - creating taxable equity in many homes. Removing this tax or increasing the exemption will: (1) enable long-term owners to sell their homes (to downsize, relocate, etc.) without facing a reduction in living quality; (2) bring liquidity to the housing market by adding inventory (making it easier for growing families to move into homes occupied by empty-nesters); and (3) put more money in families’ pockets and the economy.
3 Likes
Yes the capital gains tax is what keeps me from selling my house.
2 Likes
Thank you for bringing up the capital gains tax issue. It’s a matter that warrants attention. Also, the current disparity in capital gains tax treatment between single and married individuals is not just a financial burden; it’s also deeply unfair. When purchasing a house, single individuals face the exact requirements as married couples: credit score to qualify for the loan, down payment, taxes, etc. However, it’s much harder for a single person to qualify, especially with only one income. When the time comes to sell, move, or downsize, the single individual often loses a significant portion of their investment, which is an apparent injustice. We are already paying taxes for the entirety of the life of the loan, along with all other local taxes, so to turn around and lose money just because someone is single is a stark example of the unfairness in our current tax policy.
1 Like
Have you all considered not having any form of capital gains on housing? Imagine buying a NEW house and paying a on time sales tax. The house now becomes a used home that is tax exempt if sold. This would greatly increase the value of not new property.
It would also encourage restoration of properties in place of tearing them down. This is entirely possible all that is required is to Repeal Amendment 16. This would eliminate and make any form of direct taxation illegal. Please consider supporting and voting:
Hearts are great but, Please touch the light blue “Constitutional Amendment”
Link and Vote. Thanks
1 Like