On March 1st, bill HR 1321 was introduced in the US House of Representatives that would increase the capital gains exemption for primary residences. Currently, if you sell your primary residence, a single person would have a $250,000 capital gains exemption and a married couple, filing jointly, would have a $500,000 exemption. This bill, if passed, would increase the exemptions to $500,000 for an individual and $1,000,000 for joint filers. It would also adjust the exemptions, each year for inflation, something that has never been accounted for since capital gains exemptions were first offered. This bill is called The More Homes on the Market Act, because – surprise, surprise, the ultimate goal is increase inventory in the real estate market. Inventory is so tight – the government is looking for ways to spur activity, and give more opportunities for a new generation of buyers to break into homeownership. If this bill becomes law, more homeowners may be motivated to put their homes on the market, because they won’t be slapped with as high a tax bill and they can realize more of their equity growth. It provides a tax savings for home sellers and more opportunities for buyers. This bill has bi-partisan support.
I encourage you to call your Congressman and urge him or her to vote for this bill. If you need to look up your US House Rep, visit: https://www.house.gov/representatives… I’m Amy Cimetta with Vista Sotheby’s Intl Realty. Don’t forget to like this post and follow me for more real estate info.
