The Huge Tax Break for Home Sellers
Posted by The Cobb Group on
The Huge Tax Break for Home Sellers: What to Know About the $500,000 Exemption
A tax exclusion allows millions of Americans to skip taxes when they sell their homes at a profit. A Biden administration proposal would take a larger bite from some sellers with the biggest gains.
The market is sizzling for home sellers, and President Biden wants to raise taxes on long-term capital gains for people with incomes above $1 million.
These two facts make it a good time to focus on the cherished tax break known as the home-sellers’ exemption, both to see how it applies now and how Mr. Biden’s proposals would affect it. Although his proposals explicitly preserve this exemption, some homeowners with large gains would likely owe more if it is enacted.
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