US House of Representatives Rep. Jimmy Panetta (D-CA-20) and Rep. Mike Kelly (R-PA-16) propose increasing the sales gain tax exclusion to $500,000 for single filers and $1 million for joint filers, overriding the current levels that were set in 1995 and are not indexed for inflation. Could this be one reason there are so few homes on the market?
Many of New Jersey’s long-term homeowners have faced a heavy tax burden when selling their primary residence. If New Jersey homeowners can earn more on their investment, it could provide an incentive to sell and afford to purchase alternative housing that meets their lifestyle needs.
