Rep. Marjorie Taylor Greene (R-GA) has introduced the No Tax on Home Sales Act, which is designed to eliminate the federal capital gains tax on the sale of primary residences.
Greene noted the IRS allows an exclusion of up to $250,000 ($500,000 for joint filers) in capital gains from home sales. However, those limits have been unchanged since 1997 and were originally designed to tax wealthy investors. With today’s home prices, Greene argued that more middle-class homeowners are being penalized by this tax.
The new bill applies only to individuals selling their primary residence and does not apply to home flippers or real estate investors.
“Families who work hard, build equity, and sell their homes should not be punished with massive tax bills,” said Greene. “The capital gains tax on home sales is an outdated, unfair burden—especially in today’s housing market, where values have skyrocketed. My bill fixes that. Homeowners who have lived in their homes for decades, especially seniors in places where values have surged, shouldn’t be forced to stay put because of an IRS penalty. My bill unlocks that equity, helps fix the housing shortage, and supports long-term financial security for American families.”
This should have been indexed to inflation from day one
This is such a good idea, it will never pass. How can you have a good idea for the American people? All the government servants have to worry about foreign nations, cover-ups, and military escapades. Still, it would be nice to do something for the American people.
This is a very good idea. What can we do as tax payers to encourage its passing?
If this new bill is approved, when will it begin? I have a client senior that wants to sell har primary property, but just thinking of paying capital gains, makes her hesitant.
Slow that roll down. LOL It’s just a bill right now, a lot needs to happen to get it passed and then implemented. I wouldn’t be setting any sort of a timeline for anyone.
Would immediately fix the housing crisis
Owners trapped in their high appreciation homes have to stay in them till they die to achieve step up tax basis for their kids
We are senior citizens that have been trapped into keeping our home until we die in order to give our home to our children at the “stepped up basis” upon my wife’s and my death. If we could sell and downsize to a much smaller home without the huge federal and state capital gains tax, we would have extra money to pay for assisted living expenses and/or medical bills as well as allow a new family to buy and enjoy our 4 bedroom home with a pool that was designed and meant for a family, not senior citizens. The $500k exemption isn’t even close to covering the $2m appreciation from over 30 years of living in our home.
I too need to sell but don’t like paying the capital gains.
Selling your house over time—often through an installment sale—can be a smart way to manage capital gains tax exposure. Here’s how it works and what to consider:
🧾 What Is an Installment Sale?
An installment sale lets you spread the gain from selling your home across multiple years by receiving payments over time, rather than all at once. This can help you:
– Stay in a lower tax bracket each year
– Reduce the amount of capital gains taxed in any single year
– Potentially qualify for lower long-term capital gains rates
talk TO an expert CPA. there are ways to sell property without suffering unfair taxes. you have to talk to someone really knowledgeable on using the laws with legal loop holes.
also expert tax planning to keep the evil government from stealing the estate. most people die and the government licks its lips in stealing up to 60% or more of a persons hard earned monies in government taxes.
All home owners and real estate professionals need to get behind the idea and pester their Congressional members until it is made law.
This is a tremendous idea that would allow seniors the ability to sell their homes and relocate It will stimulate sales and increase activity, nationwide
all real estate professionals, and individuals will get behind this idea.
Amazing another great idea for hard working taxpayers. Eliminating capital gain on your primary residence and tax on social security benefits it is a tremendous savings for senior and a plus in our industry.
the social security tax elimination is not pure. it does not help everyone. it was not taxed until 1983 because Regan did not really address the real issues. the trust was nearly depleted.
forward to today… Biden gave access to illegals to social security once again creating a crises so we American tax payers are in danger of benefits because of the government.
Under Bill Clinton he raised the tax benefits up to 85% of couples earning over $34,000 and couples $44,000
the politicians turned our social security into a slush fund. disgusting
The problem is the Democrat party. DOGE exposed the fact that the Democrats use taxation to steal money from the people, buy votes, import illegals and influence industry because they can’t win elections on ideas. The Democrat party has to be crushed to save America. It is literally a violent Marxist cult of sex and death bent on destroying Western Civilization.
absolutely the Democrats are all about tax and steal. been that was from the beginning as they thought we Americans were stupid and since President Trump was elected in 2016 many of us are much more aware.
if this passes, it should be retroactive to 2020 when the crazy price spikes began due to irresponsible printing of money.
Sooo agree with Stephen Mitchell’s comment. I’m a realtor and have felt the pain of so many clients….2020 is reasonable, but at the very least any sales from 2022 forward!
This is a no brainer….. and LONG overdue.
It would/will be interesting to see the verbiage of the final bill
Great idea, long overdue!
we have a big house that would like to down size and help a family member that has become paralyzed and has noone to help him. This would be a tremendous help. we could also help our young son to purchase a home. This is long overdue.
I’m a REALTOR®, and many of my senior clients have faced this situation. One client purchased his home in the early 1970s for $10,000. Over the years, he and his wife made numerous renovations and upgrades. After he passed away, his widow needed to downsize and decided to sell the home. You can imagine the significant capital gains tax she had to pay.
It raises the question: Shouldn’t years of ownership, along with documented renovation and upgrade expenses, be factored in—rather than applying a flat $250,000 exemption for a single filer?
This will never pass. Just another red herring. I guess MGT has higher ambitions and wants to come across as a savior for American families, but in reality she knows very well that her ruby red state colleagues would never support it.
The Demo-rats are the tax and spend party along with a lots of Rino Repugs. We sold my mothers home she also paid $8,000 for her home and a huge sale price last year used her one time exemption and paid no capital gains. need to know the rules. she could not really afford the OHIO escalating property taxes on her dwindling social security.
At a minimum, it might make sense to raise
the limits from $250,000 – $500,000. to some number like $1 million – $2 million. But I hope Rep. Greene’s bill passes as it will help boost home sales in general and that is good for our economy.
We are also seniors who want to sell our big house to move to where our kids live; however, the capital taxes are our concern as our house price has increased significantly but after taxes we only can get a much smaller property as where the kids live thế housing is much more expensive
I would be all for raising the current limits. However, those that choose to purchase more expensive properties that appreciate by millions of dollars should still have at least some tax liability.
This is long over due the tax on a persons personal resident should never have happen in the first place to so many home owners the home is the savings account for retirement, and family.
They have paid taxes yearly to the county Only to have the government waste the money The Tax free sale of a personal resident should be a right of every person who has struggled to keep the home they bought, and pay taxes on it.
This money could go to the persons children and grandchildren which is what every homeowners dream in life.
Instead now it benefits people not entitled to it, and or better yet to Government waste.