“Nobody knew that, how did you find that out?” said President Trump to Real America’s Voice reporter Brian Glenn when asked about the “No Tax on Home Sales Act.” Glenn is in a relationship with Representative Marjorie Taylor Greene, who introduced the bill. Realtor.com published an interview with Greene about the bill on July 11.
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“If the Fed would lower the rates, we wouldn’t even have to do that,” Trump said at the White House on Tuesday. “But we are thinking about no tax on capital gains on houses.”
Greene’s “No Tax on Home Sales Act”
Individuals who sell a primary residence can deduct up to $250,000 of capital gains from their taxable income. The limit is $500,000 for couples who file their taxes jointly. However, these limits haven’t been changed since 1997.
Under Greene’s bill, the federal capital gains tax on a primary residence would be completely eliminated. “This is not for home flippers. This is for people selling their primary residences … and they will get to keep their money, get to keep their equity,” said Greene in an interview with Realtor.com. She added that the bill could potentially ease the housing shortage by getting more sellers who are worried about taxes on the market.
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