NO capital gains taxes should be applied to profit on individuals selling their own individual owner’s house! The federal government has no right to grab that profit. THAT $$$ belongs to the individual selling the house.
AND the percentage that real estate workers can charge has to be limited to 3% of the sale price! Today, real estate people charge up to 6%+ and that is ROBBERY. STOP THE GIFT to home builders that allows them to pay no tax if they sell their current home and buy another every two or three years! WHY?
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You got too many issues going on here. Everything but the kitchen sink. I agree with everything but your last one. New home builders don’t make that much money as it is, depending on where they live. In my area it’s 15%. The tax break you’re referring to, not even sure it’s available in every state? But if it is in yours, that’s at least a nice incentive for those guys to stay in business, grow the community, abd make a living doing it.
Agree with everything else you posted though
Real estate agents and capital gains are parasites.
Capital gains are a form of income, and is therefore taxable. Any investment that provides a profit is a capital gain, including the sale of stocks, bonds, and business entities. I can assure you that millionaire investors would be delighted if they didn’t have to pay capital gains taxes on their profits.
Are you in favor of eliminating ALL taxes on capital gains? Or just from real estate? Is that ALL real estate transactions, or just owner occupied properties?
Perhaps instead of eliminating ALL capital gains, there might be a specific dollar amount or percentage of the gain that is not subject to tax; for example, the first $100,000 of capital gain from the sale of owner occupied real property?
That would get you closer to your goal than eliminating them entirely.
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Excellent idea, Jerry Burg. Thank you for your insight and suggestions.
The goal isn’t my goal, but THE GOAL is for the American people to KEEP more of the money they earn rather than the government taking it for their own insider trading profits and money laundering and gifts to foreign countries. Eliminate ALL capital gains on all the profit a citizen makes on the sale of their owner occupied primary residence whose value is under two million. Just because capital gains are a form of income, does not mean that the GOVERNMENT has the right to tax that. Capital gains of $200,000 and below per year should not be taxed.
Capital gains tax should be eliminated for total retirement investments of one million and below. Just because citizens save money does not mean the government has the right to tax it.
THESE proposals benefit the MIDDLE and lower income AMERICAN CITIZENS and the stronger they are financially, the less they are dependent on the rotted government and that limits the power of the government and makes us all a wealthier society. Social security should never be taxed!
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Many homeowners are already exempt from paying capital gains tax on the sale of their home.
Thanks to the Taxpayer Relief Act of 1997, single taxpayers can exclude up to $250,000 of gain, and married couples filing jointly can exclude up to $500,000. To qualify, the homeowner must have owned and used the property as their main home for at least two of the five years preceding the sale. This exclusion can be claimed once every two years.
With that said, I despise taxes, so I would be perfectly happy with paying no capital gains tax no matter what.
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Thanks Gavin. I appreciate your insight and knowledge, and I agree with you that Americans are too heavily taxed by a corrupt government that wastes or steals what it takes from us or uses it to support anti-American policies and that has to stop. The Constitution is CLEAR about what taxes must be used for, and 90% of what happens to tax money today is not part of that. Keeping what we earn enables us to live the American dream and home ownership is a big part of that and so exempting all capital gains within the parameters I stated above (or others from smarter people) means that what we make from our labor and investment IS OURS. Putting that profit back into the economy only benefits our society. FREEDOM from the government tyranny and politicians who live large off our backs. Best to you.
It would be a good start for middle-class owner-occupied owners to eliminate the capital gain tax. If all they have as an asset is their primary home, and they have to give a portion of it to taxes, that’s unfair. It’s not an investment property. It’s the primary home.
Investment capital gain should be the same for married couples and single individuals since the purchasing process is the same. To qualify for the loan, the down payment, property taxes, and upkeep are extra. Therefore, it’s unfair that when the time comes to sell, the single individual has to lose money and start again with less.
The Taxpayer Relief Act 1997 discriminates against single individuals. Whether you are married or single, you must qualify to purchase the house that a married couple or single individual is offering. Then, they both have to come up with a down payment, pay their property tax, etc. So why is it that when the time comes to sell their home, a married couple can exclude $500k, and the single person can exclude only $250k?
When selling that same home, a single individual is harmed, and it’s harder for the single person to recoup that loss than a married couple due to two incomes vs. one; therefore, the capital gain should be the same for both categories when it comes to selling their primary home.
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“why is it that when the time comes to sell their home, a married couple can exclude $500k, and the single person can exclude only $250k?”
I see two primary reasons:
- The exclusion amounts for married couples and single individuals are proportionate. Two individuals filing separately who were co-owners of a home would each get a $250k exclusion, which aligns with the $500k exclusion for married couples filing jointly.
- By providing additional tax relief to married couples, the policy indirectly encourages marriage and, potentially, family formation—outcomes often linked to societal and economic stability.
Not saying what is right or wrong, just stating what I suspect the reasoning is.