Commander-in-Thief Trump Keeps Stealing My Ideas!!! Now He Wants to Eliminate Capital Gains Taxes on One's Primary Residence.

First the no tax on tips idea and now this.

This would help with home sales since reluctant homeowners who might want to sell, especially seniors, would otherwise be hit with huge capital gains taxes if they've lived in their homes for decades.

If Canada can do this, why can't we, eh?

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samueltyler2 · 80-89, M

In the US you are entitled to a one time big deduction when selling your primary residence. I don't remember the full concept, but if you live in the house furba long time, you get the benefit now. You also do not have tax if you sell and buy an equal value or higher. What is being suggested again benefits those who sell and churn residences, aka real estate traders, like who do you think would benefit? Once again they are gaslighting the public.

Sojournersoul · M

@samueltyler2 I just sold a house and didnt pay a dime in capital gains.

samueltyler2 · 80-89, M

@Sojournersoul isn't that what I said? Depends on your age and the amount of capital gains. You better be sure you did it correctly, speak to your accountant.

beckyromero · 36-40, F

@samueltyler2

In the US you are entitled to a one time big deduction when selling your primary residence. I don't remember the full concept, but if you live in the house furba long time, you get the benefit now.

WRONG!!!!

The WEALTHY who can afford to flip houses and move with their kids every couple years get the exemption just about each time they do so, with few limits.

But the retiree or widow who has lived in their home for decades and is trying to survive on Social Security with perhaps a small pension (or not at all) gets SOCKED with it big time when they have to sell to pay for health care, assisted living, home health care or just to buy groceries.

Stop thinking an idea is bad just because Trump happens to support it. Even a broken (non-digital) clock can stumble on being correct twice a day.

samueltyler2 · 80-89, M

@beckyromero i don't want to argue, but I am that retiree that paid no capital gains on my house. The wealthy do well if they buy a more expensive house.

I appear to be incorrect as there is no age restriction, but it is a one time thing.

what age do you not have to pay capital gains on a home sale?
Is there a one-time capital gains exemption for seniors? The real estate scenario applies to all adults, and it's worth reiterating that there are no age-related exemptions from capital gains tax.Jul 3, 2025
https://www.unbiased.com
Capital gains tax for seniors - Unbiased

beckyromero · 36-40, F

@samueltyler2

what age do you not have to pay capital gains on a home sale?
Is there a one-time capital gains exemption for seniors?

There is no age limit in the U.S. to avoid capital gains on a home sale.

There is no one-time capital gains exemption for seniors, either. You pay capital gains taxes on anything above the exemptions.

If you're single, you will pay no capital gains tax on the first $250,000 of profit (excess over cost basis). Married couples get a $500,000 exemption. The exemption is only allowable once every two years.

As you can see, those who can afford to flip houses and move often can benefit greatly when property values go up. But cash-strapped seniors who may have seen their home values increase steadily over time for decades get socked with a huge capital gains tax bill when they most need that equity they built up.

And capital gains taxes are owed regardless of the amount of any mortgage balance. And monies spent on upkeep and maintenance over the years are not deductible.

samueltyler2 · 80-89, M

@beckyromero i guess our messages must have crossed, i corrected myself in that there is no age limit, but who would take the once in a lifetime advantage unless there is no plan to ever buy another home!

I repeat, the TACO administration is claiming they are giving something that is really not new aka gaslighting!

beckyromero · 36-40, F

@samueltyler2

I repeat, the TACO administration is claiming they are giving something that is really not new aka gaslighting!

Ketchup on the wall. He's trying to see what will stick. And you never know what he's actually serious about.

But completely eliminating capital gains taxes on the sale of one's primary home would be something that would be new for millions of American homeowners.

samueltyler2 · 80-89, M

@beckyromero I am not sure many people sell for greater than the limit

beckyromero · 36-40, F

@samueltyler2

I am not sure many people sell for greater than the limit

Many older homeowners try to not sell precisely because of that limit.

For middle-income families, this creates a lose-lose situation: Either sell now and hand over a huge slice of your hard-earned profit, or hold the asset just to avoid a tax that many assumed they’d never owe in the first place. In the meantime, younger buyers lose out on homes that could otherwise hit the market, feeding an affordability crunch for everyone.

Penalized if you stay, penalized if you sell

For longtime homeowners sitting on decades of appreciation, the prospect of selling and triggering a five- or six-figure tax bill often seems untenable. Some, as Liddiard explains, simply give up on using their whole house.

"We hear reports from some of our members saying some of these folks have moved to the main floor of their home, and they never go upstairs, never go downstairs, because they're too feeble to do so,” he says. “But they either can't afford to pay the capital gains tax, or they refuse to, because they know that when they die, the home can get a step up in basis [and] nobody has to pay the taxes."

https://www.realtor.com/advice/finance/home-equity-tax-capital-gains/

samueltyler2 · 80-89, M

@beckyromero I give up. If you think Trump has given a present to lower on one folks, have it your way.