{"id":39587,"date":"2025-07-22T22:39:34","date_gmt":"2025-07-22T22:39:34","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/trump-floats-eliminating-capital-gains-tax-on-home-sales-what-would-that-mean\/"},"modified":"2025-07-22T22:39:34","modified_gmt":"2025-07-22T22:39:34","slug":"trump-floats-eliminating-capital-gains-tax-on-home-sales-what-would-that-mean","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/trump-floats-eliminating-capital-gains-tax-on-home-sales-what-would-that-mean\/","title":{"rendered":"Trump floats eliminating capital gains tax on home sales. What would that mean?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>President Trump on Tuesday floated the possibility of eliminating the federal capital gains tax on home sales, in a move that would change the way real estate profits are taxed for the first time in 30 years.<\/p>\n<p>Speaking to reporters in the Oval Office on Tuesday, Mr. Trump suggested he is weighing supporting\u00a0<a href=\"https:\/\/greene.house.gov\/news\/documentsingle.aspx?DocumentID=1125\" target=\"_blank\" rel=\"nofollow noopener\">legislation<\/a>\u00a0introduced by Rep. Marjorie Taylor Greene of Georgia that would nix the existing capital gains tax on home sales. Greene called the tax &#8220;an outdated, unfair burden\u2014especially in today&#8217;s housing market, where values have skyrocketed.&#8221;\u00a0<\/p>\n<p>&#8220;We&#8217;re thinking about that,&#8221; Mr. Trump responded to a reporter, when asked how important it is that the capital gains tax be eliminated in order to &#8220;unleash&#8221; the housing market. &#8220;It would also unleash it just by lowering the interest rates,&#8221; the president said, adding, &#8220;If the fed would <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-does-the-federal-reserve-do-and-why-is-trump-mad-at-its-chair-jerome-powell\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">lower the rates<\/a><\/span> we wouldn&#8217;t even have to do that. But we are thinking about no tax on capital gains on houses.&#8221;\u00a0<\/p>\n<p>Currently, single-tax filers can exclude up to $250,000 in capital gains from sales of their primary homes from their taxable incomes under what&#8217;s called the Section 121\u00a0<a href=\"https:\/\/www.irs.gov\/taxtopics\/tc701\" target=\"_blank\" rel=\"nofollow noopener\">exclusion<\/a>. That amount rises to $500,000 for joint filers. Both amounts have remained fixed since 1997.\u00a0<\/p>\n<p>Reached for comment by CBS MoneyWatch, the White House said it had nothing additional to add to Mr. Trump&#8217;s comments.<\/p>\n<p>&#8220;Homeowners who have lived in their homes for decades, especially seniors in places where values have surged, shouldn&#8217;t be forced to stay put because of an IRS penalty,&#8221; Greene <a href=\"https:\/\/greene.house.gov\/news\/documentsingle.aspx?DocumentID=1125\" target=\"_blank\" rel=\"nofollow noopener\">said<\/a> in a statement announcing the proposed No Tax on Home Sales Act. &#8220;My bill unlocks that equity, helps fix the housing shortage, and supports long-term financial security for American families.&#8221;<\/p>\n<p>According to Research from the National Association of Realtors (NAR), the current federal policy on the capital gains tax on home sales is &#8220;quietly distorting the housing market&#8221; by &#8220;locking in older homeowners, and strangling inventory just when America needs it most.&#8221;\u00a0<\/p>\n<h2>&#8220;Stay-put penalty&#8221;<\/h2>\n<p>A NAR study found that 34% of homeowners, or 29 million Americans, would exceed the $250,000 threshold were they to sell their homes, while 10%, or eight million Americans, would surpass the $500,000 threshold for joint filers.\u00a0<\/p>\n<p>As a result, older homeowners are disincentivized to sell their homes, in what NAR researchers refer to as a &#8220;stay-put penalty.&#8221; For example, seniors who might otherwise consider moving closer to family, or downsizing, are staying in place \u2014 and keeping housing inventory tied up.\u00a0<\/p>\n<p>&#8220;This stagnation in housing turnover is rippling through the entire market, driving up costs and limiting opportunity \u2014 exactly the opposite of what public policy should be encouraging,&#8221; Shannon McGahn, NAR executive vice president and chief advocacy officer,\u00a0 said in a statement. &#8220;And it grows worse each month.&#8221;<\/p>\n<p>Critics say eliminating the tax would only benefit wealthy Americans who can afford to pay tax on gains from home sales that exceed the limit.<\/p>\n<p>Joel Berner, senior economist at Realtor.com, told CBS MoneyWatch that a lot of home sellers already benefit from the $250,000 exclusion limit, and that eliminating the capital gains tax altogether would primarily benefit wealthier Americans who own residences that have appreciated by more than $250,000, or $500,000 in the case of joint filers.\u00a0<\/p>\n<p>&#8220;It wouldn&#8217;t really move the needle for a regular family, unless you have a home that&#8217;s appreciated a lot,&#8221; Berner told CBS MoneyWatch. &#8220;If your home has appreciated by more than $1 million, there would be a benefit to removing the capital gains tax.&#8221;\u00a0<\/p>\n<h2>Inventory release<\/h2>\n<p>He also suspects abolishing the capital gains tax on home sales would release inventory onto the housing market.\u00a0<\/p>\n<p>&#8220;It could be a good thing for the market. In particular where inventory is constrained, it could benefit regular folks,&#8221; Berner said.\u00a0<\/p>\n<p>By contrast, eliminating the federal tax would also erase revenue paid to the government, and could spark increased interest from <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/more-real-estate-investors-buying-homes-housing-market\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">investors and speculators<\/a><\/span>, which could also drive up home values. That would contribute to the nation&#8217;s housing affordability problem, according to Berner.\u00a0<\/p>\n<p>Nearly 27% of all homes sold in the first three months of the year were bought by investors \u2014 the highest share in at least five years, according to a report by real estate data provider BatchData.<\/p>\n<p>    <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation \">\n<p><h3 class=\"component__title\">More from CBS News<\/h3>\n<\/p>\n<\/aside>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/megan-cerullo\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Megan  Cerullo<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24\/7 to discuss her reporting.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/trump-capital-gains-tax-home-sales\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Trump on Tuesday floated the possibility of eliminating the federal capital gains tax on home sales, in a move<\/p>\n","protected":false},"author":1,"featured_media":39588,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[1161,386],"class_list":["post-39587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us","tag-real-estate","tag-trump-administration"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trump floats eliminating capital gains tax on home sales. 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