03/28/2023
Keeping my eyes on this one! This would be a huge help in allowing sellers to keep more of the money they earn on the sale of their home and would open up larger “family homes” to new buyers. The $250K/$500K exclusions have not been updated since 1997 nor are they indexed for inflation. I have spoken to many older homeowners in particular that would absolutely love to downsize, but just cannot fathom paying what could amount to hundreds of thousands of dollars in cap gains. Therefore, they stay put in large family homes, “locking out” new families.
"More Homes on the Market Act" will provide the necessary tax relief for California homeowners.