Two Lawmakers Propose Increasing the Home Sales Gain Tax Exclusion
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.
Like California, 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 would provide an incentive to sell and simultaneously afford alternative housing that meets their current lifestyle needs.
