06/21/2025
Most homeowners in the past few years have experienced a major increase in the price of their homes. However, if they were to sell, we still have laws which limit the amount of tax deductible gains of $250,000. Since prices have soared, homeowners are taxed on any gain in excess of the deduction. The present tax deduction on the gains of selling a home was approved by congress in 1997.
Please read the article to learn more...
It’s been nearly 30 years since Congress revisited the capital gains exclusion on the sale of a home. If they want to stimulate home sales, now is the time.
