I know y'all hate MTG right now, but you gotta support her new tax legislation, right?

Federal government shouldn’t take a dime for anything.

If the federal government can’t balance their budget off tariffs and corporate taxes…. Too fricking bad

But what if you are Laeticia James or Shitty Schiff and have like 3 primary residences?

If the abuse could be mitigated, possibly even minimized, it is a great idea. And I know what I would do (being ignorant of the actual details of the bill mind you) if I had a secondary home I was selling (e.g. rent house).

I'd "move in" with a USPS mail forwarding card, utilities, etc. and claim it as primary residence.

We already have that exemption.

Should be for all property sales, personally or business owned.

How much is not enough?

Start with Abolishing the unconstitutional Federal Reserve and the IRS & life will get much better and quickly!

Why is nobody talking about this?? Because they are all bought and paid for!

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We already have that exemption.

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On the first $250K (or $500K for married) only after 2 years.

MTG legislation has no caps and no timeline.

So if you have 1 million in equity and purchased your home for $250K 20 years ago, you don't have to pay capital gains on $500k (if you are single or $250K if you are married). You pay no capital gains tax.

It's a massive savings for a lot of people.

That already exists? Is someone proposing changing it?

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What’s wrong with the exemption on cap gains from sale of a primary residence we already have?

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nothing its very fair 500k on married filing joint. back in the first bush years you paid cap gains on every dime adjusted for improvements so no one ever really paid it

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I know y'all hate MTG right now, but you gotta support her new tax legislation, right?

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Nope.

"My No Tax on Home Sales Act eliminates the federal capital gains tax when you sell your primary residence."

Fed Cap Gains is already eliminated for $500K of profits on those sales. After that, proceeds are subject to standard LTCGTRs (15% to a max of 23.6%).

So, to be clear, MTG is talking about upper end properties which will generate profits (not price tag) > $500,000, and then repeating the process every two years.

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did they have a mortgage?

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Don't bury yourself in the weeds.
This is a bill specifically targeting tax breaks for owners of multi-million dollar homes and real estate, by an individual whose company just happens to be in that line of construction work

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But why at the MULTIMILLION dollar home level would we be offering cap gains exemptions?

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I know most homeowners already pay no capital gains tax due to the existing $250K/$500K exclusion. The act primarily benefits higher-equity sellers in expensive markets or with long-held properties, so the supply boost may be concentrated in specific regions (e.g., coastal cities, and north of tATL).

Many homeowners, especially retirees or those in high-value markets, may hesitate to sell due to capital gains tax on profits exceeding the current exclusion limits. Eliminating the tax could incentivize these owners to sell, increasing available inventory.

Homeowners may be more willing to move for jobs, family, or lifestyle changes without the tax penalty, reducing "lock-in" effects where owners stay in oversized or unsuitable homes.

Increased supply could temper home price growth in tight markets, making housing more affordable for buyers.