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Trump wants to end capital gains tax on housing, specifically primary residences
Posted on 7/22/25 at 11:20 am
Posted on 7/22/25 at 11:20 am
20
Posted on 7/22/25 at 11:22 am to The Egg
On primary residences this is a no-brainer.
Posted on 7/22/25 at 11:23 am to The Egg
Posted on 7/22/25 at 11:23 am to The Egg
I have seen this trending for two weeks. But, there already is no tax on capital gains inside a two year time frame. Is he wanting to eliminate the short term capital gains taxes?
Posted on 7/22/25 at 11:24 am to The Egg
This should have been an integral part of the BBB.
Posted on 7/22/25 at 11:26 am to The Egg
And once again, he will make the Democrats oppose a favorable idea.
He keeps them on the wrong side of the 80/20 split.
He keeps them on the wrong side of the 80/20 split.
Posted on 7/22/25 at 11:26 am to rpg37
There currently isn't a no tax on capital gains, but there is a $250,000 ($500,000 if married) exclusion on the sale of your main home as long as you owned and treated it as your main home for 2 of the past 5 years.
Posted on 7/22/25 at 11:27 am to The Egg
That would be one to stimulate housing especially if a 1031 type scenario is allowed
Posted on 7/22/25 at 11:27 am to Jay Quest
they're already saying this is a favor to his rich buddies, but omit the fact that this would pertain to only primary residences.
Posted on 7/22/25 at 11:29 am to The Egg
Lets see, you pay taxes when you purchase the house with money that was previously taxed as income, and paying property taxes the entire time you lived in said house., what's the problem with paying one more tax on it...
It's the American dream folks... Pay your taxes......
Just to not confuse anyone, that last line was sarcasm...
It's the American dream folks... Pay your taxes......
Just to not confuse anyone, that last line was sarcasm...
Posted on 7/22/25 at 11:30 am to The Egg
he needs to hurry!
Posted on 7/22/25 at 11:31 am to millsrat
quote:
There currently isn't a no tax on capital gains, but there is a $250,000 ($500,000 if married) exclusion on the sale of your main home as long as you owned and treated it as your main home for 2 of the past 5 years.
Less than 5% of home sales in the US see a capital gains of great $500,000 for a married couple. The two in five years is another stipulation which is why I called it a short-term cap gain hit. This is realy just house flipping at that point aside from unusual circumstances.
Posted on 7/22/25 at 11:51 am to rpg37
quote:
quote:There currently isn't a no tax on capital gains, but there is a $250,000 ($500,000 if married) exclusion on the sale of your main home as long as you owned and treated it as your main home for 2 of the past 5 years. Less than 5% of home sales in the US see a capital gains of great $500,000 for a married couple. The two in five years is another stipulation which is why I called it a short-term cap gain hit. This is realy just house flipping at that point aside from unusual circumstances.
It’s on the purchase price of the house correct? It doesn’t matter if you bought and sold 3 houses before and used that for a down payment on the new house.
Posted on 7/22/25 at 11:51 am to rpg37
quote:
Less than 5% of home sales in the US see a capital gains of great $500,000 for a married couple
And 90% of these are in liberal strongholds like NYC, California cities, ATX, etc...
Posted on 7/22/25 at 11:54 am to SDVTiger
quote:
especially if a 1031 type scenario is allowed
Why would you need that?
You already get the benefits of no taxation on $250/500k (after 2 years) of your primary residence. If you buy a new property after that, your tax liability basis is the purchase price.
Posted on 7/22/25 at 11:56 am to Rize
quote:
It’s on the purchase price of the house correct? It doesn’t matter if you bought and sold 3 houses before and used that for a down payment on the new house.
The cost basis if your purchase price
To get the benefit, you have to have used it as your primary residence in 2 of the past 5 years. What you did before that period isn't relevant. You can keep this up with each new house once you hit the 2 year mark.
Posted on 7/22/25 at 11:57 am to The Egg
How would this be defined? Two years as primary residence makes sense to me.
Posted on 7/22/25 at 12:09 pm to The Egg
Don’t stop there. Get rid of all capital gains tax.
Posted on 7/22/25 at 12:12 pm to SlowFlowPro
Not everyone is dealing with 250k-500k mobile park properties like you
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