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yesterday

Trump Floats Eliminating Capital Gains Tax on Home Sales

The plan hinges on congressional approval following detailed fiscal analysis.

In California, which has some of highest priced homes in the United States, as well as other states with pricey real estate, homeowners are likely to benefit should Congress ever decide to kill the capital gain tax on home sales.
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U.S. President Donald Trump meets with Philippine President Ferdinand Marcos Jr. (not pictured), in the Oval Office at the White House in Washington, D.C., U.S., July 22, 2025. REUTERS/Kent Nishimura

Overview

  • Trump told reporters in the Oval Office he is considering eliminating federal capital gains taxes on primary home sales, tying the idea to potential Federal Reserve rate cuts.
  • Republican Rep. Marjorie Taylor Greene’s No Tax on Home Sales Act, introduced mid-July, would fully exempt home-sale gains and drew her public thanks after Trump’s remarks.
  • Current law excludes up to $250,000 for single filers and $500,000 for joint filers but leaves millions facing taxes as home values have climbed since 1997.
  • Proponents say the repeal would unlock homeowner equity and boost housing turnover, while critics warn it could add trillions to deficits and favor wealthier sellers.
  • Any change requires new legislation in the House Ways and Means Committee and subsequent congressional votes before taking effect.