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Started By
Message
MTG introduces bill to eliminate federal tax on home sales
Posted on 7/11/25 at 9:52 am
Posted on 7/11/25 at 9:52 am
i'm for it. feds need less of my money.
https://greene.house.gov/news/documentsingle.aspx?DocumentID=1125
bill
quote:
Currently, the IRS allows an exclusion of up to $250,000 ($500,000 for joint filers) in capital gains from home sales, but those limits haven’t been updated since 1997. As home prices have risen, more middle-class homeowners are being hit with capital gains taxes that were originally intended for wealthy investors.
Congresswoman Greene’s bill would:
Eliminate the federal capital gains tax on home sales
Encourage mobility by removing a key disincentive to selling, helping to increase housing supply
Deliver tax relief to homeowners looking to downsize or relocate without being penalized for appreciation
Protect first-time buyers by improving inventory and lowering prices in the most constrained housing markets
The bill explicitly applies to individuals selling their primary residence and does not apply to home flippers or real estate investors.
https://greene.house.gov/news/documentsingle.aspx?DocumentID=1125
bill
This post was edited on 7/11/25 at 9:53 am
7
Posted on 7/11/25 at 9:58 am to Pezzo
She is right about the part where people work their arse off all their life to pay off a home, then if they sell it the taxes kill them.
I was under the impression that this was already the case in Louisiana though, we sold an inherited house for $202,000.00 a few years ago and didn't have to pay taxes on the money.
I was under the impression that this was already the case in Louisiana though, we sold an inherited house for $202,000.00 a few years ago and didn't have to pay taxes on the money.
This post was edited on 7/11/25 at 11:19 am
Posted on 7/11/25 at 10:02 am to The Torch
quote:Sell. "If they sell it..." How does anyone use "sale" instead?
if they sale it the taxes kill them.
Posted on 7/11/25 at 10:03 am to The Torch
250/500k in capital gains on a sale is already tax free. Anything above that is taxed.
Edit: I think there are rules about being a primary residence for a certain time period. Don’t think this applies to second homes or investment properties.
Edit: I think there are rules about being a primary residence for a certain time period. Don’t think this applies to second homes or investment properties.
This post was edited on 7/11/25 at 10:19 am
Posted on 7/11/25 at 10:12 am to Jake88
Could be a houseboat and they meant to sail it?
This post was edited on 7/11/25 at 10:55 am
Posted on 7/11/25 at 10:15 am to Jake88
quote:
Sell. "If they sell it..." How does anyone use "sale" instead?
It’s classier.
Posted on 7/11/25 at 10:15 am to The Torch
quote:I don't think you had to worry. You had an inheritance. Whatever its value was at the time of inheritance, if you immediately, or soon after, sell it for more, depending on a number of factors, you'll owe capital gains taxes on any amount over that initial value.
She is right about the part where people work their arse off all their life to pay off a home, then if they sale it the taxes kill them.
Say its value was $200k, but you sell it for $220k. That's a $20k gain that is taxable. You can offset it with real estate agent fees and commission, costs of documentation, repairs or improvements.
Posted on 7/11/25 at 10:15 am to Pezzo
Is it extremely conditional and does it expire in 2029
Posted on 7/11/25 at 10:34 am to Pezzo
when we sold our first home in 94 there's no exclusion for capital gains on homes but we'd done a lot of improvements to he home so on "paper" we lost money. there's no way for the irs to track your cost basis in your home. there are people who make a living flipping homes and they should pay capital gains on their profits just like investors pay capital gains on stocks.
This post was edited on 7/11/25 at 10:35 am
Posted on 7/11/25 at 10:36 am to The Torch
quote:
She is right about the part where people work their arse off all their life to pay off a home, then if they sale it the taxes kill them.
You generally don't pay taxes on the gains on the sale of a primary house. MFJ has a threshold of $500K while Single has a threshold of $250K as long as you live in the house two of the previous five years. However, those thresholds are cumulative.
quote:
I was under the impression that this was already the case in Louisiana though, we sold an inherited house for $202,000.00 a few years ago and didn't have to pay taxes on the money.
That all depends on the basis of the house on the day of death, but generally the gains on the sale of an inherited house are long term capital gains and subject to tax.
Posted on 7/11/25 at 10:36 am to Pezzo
What kinda idiot would downvote this?
Posted on 7/11/25 at 10:40 am to GregMaddux
quote:
Is it extremely conditional and does it expire in 2029
Its prime for a good old "we have to pass all of this bullshite garbage so we can extend this tax cuts so working class Americans don't see THE BIGGEST TAX INCREASE IN HISTORY!!!" Campaign.
Posted on 7/11/25 at 10:41 am to TigerGman
quote:
What kinda idiot would downvote this?
Deadbeats who want the FedGov to have more money because their sustenance is provided by the goverment.
Posted on 7/11/25 at 10:54 am to The Torch
quote:
She is right about the part where people work their arse off all their life to pay off a home, then if they sale it the taxes kill them.
I mean… you work your hole
like, pay off a home, go to sell it and you have no tax on the first 250/500k of capital gains and the. it’s what 9% of something over that?
So you buy a house for 150k in 1970 you’d have to clear $650,000 before you start paying anything.
Posted on 7/11/25 at 10:56 am to GregMaddux
its a bill to amend the current IRS code. so it looks like it would be a permanent change.
Posted on 7/11/25 at 11:07 am to Pezzo
MTG showing yet again she is the most MAGA of anyone. Seems to be the only person in Congress who is actually trying to help every day working Americans instead of exploitung them.
She has also introduced bills to ban weather manipulation and cloud seeding, as well as Chemtrails. Of course none of them will go anywhere, though.
She has also introduced bills to ban weather manipulation and cloud seeding, as well as Chemtrails. Of course none of them will go anywhere, though.
This post was edited on 7/11/25 at 11:07 am
Posted on 7/11/25 at 11:09 am to Pezzo
As the quote points out this is more or less the case already unless you somehow have a frickin greater than $500k gain on it. I am in favor of eliminating it entirely though because it’s punitive.
This post was edited on 7/11/25 at 11:11 am
Posted on 7/11/25 at 11:15 am to SammyTiger
quote:
I mean… you work your hole
like, pay off a home, go to sell it and you have no tax on the first 250/500k of capital gains
quote:
I mean… you work your hole
I assume most people don't do this. But you do you!
Posted on 7/11/25 at 11:21 am to Jake88
quote:
Sell. "If they sell it..." How does anyone use "sale" instead?
OK Mrs. McKee (my freshman English teacher) you old bitch I thought you died
Posted on 7/11/25 at 11:27 am to The Torch
quote:I told you I would haunt you illiterate little brats. I'm going to pull your toes tonight too.
OK Mrs. McKee (my freshman English teacher) you old bitch I thought you died
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