More Homeowners May Face Capital Gains Tax Due to Outdated Threshold
The current $250,000 ($500,000 for married couples) capital gains tax exemption on home sales has not been adjusted for inflation or rising property values since the 1997 Taxpayer Relief Act. As a result, more homeowners are now liable to pay taxes when selling their homes, especially in high-cost areas where real estate prices have surged.
Topics: capital_gains_tax home_sales real_estate