Reported 1 day ago
President Trump suggested eliminating capital gains taxes on home sales to stimulate the sluggish housing market, which would primarily benefit older homeowners in high-cost areas. The current capital gains limits — $250,000 for single and $500,000 for married homeowners — are outdated, especially in markets like San Francisco where home prices have skyrocketed. There's a concern that eliminating or raising these limits may increase competition for affordable homes, potentially worsening the affordability crisis. Any legislative change would require congressional approval.
Source: YAHOO