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2. Capital gains tax law is out of sync with surging home values

   www.aol.com/finance/outdated-irs-tax-law...

   The capital gains tax exclusion for primary residences hasn’t changed since 1997. The dramatic gains in home values mean this tax law is worsening the housing crisis.

3. Capital gains tax in the United States - Wikipedia

   en.wikipedia.org/wiki/Capital_gains_tax_in_the...

   From 1954 to 1967, the maximum capital gains tax rate was 25%. [12] Capital gains tax rates were significantly increased in the 1969 and 1976 Tax Reform Acts. [11] In 1978, Congress eliminated the minimum tax on excluded gains and increased the exclusion to 60%, reducing the maximum rate to 28%. [11]

4. Capital Gains Tax Rates for 2024-2025 - AOL

   www.aol.com/finance/capital-gains-tax-rates-2023...

   Capital Gains Tax vs. Ordinary Income Tax: Key Differences. ... Real estate: Primary residences offer an exclusion of up to $250,000 — $500,000 for married couples filing jointly. Above this ...

5. Capital gains tax on real estate and selling your home - AOL

   www.aol.com/finance/capital-gains-tax-real...

   Capital gains tax is a levy imposed by the IRS on the profits made from selling an investment or asset, including real estate. ... familiarize yourself with the capital gains tax exclusion rules ...

6. Taxpayer Relief Act of 1997 - Wikipedia

   en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997

   As inherited assets are automatically revalued to their current or "stepped-up" basis, any capital gains are permanently exempted from taxation. Family farms and small businesses could qualify for an exemption of $1.3 million, effective 1998. Starting in 1999, the $10,000 annual gift tax exclusion was to be corrected for inflation.

7. We're Downsizing and Netting $550k – How Can We ... - AOL

   www.aol.com/were-selling-house-netting-550k...

   Employing this exclusion can reduce or eliminate capital gains taxes since earnings are unlikely to go beyond those figures, if at all. ... long-term capital gains tax rates will apply. The tax ...

8. Internal Revenue Code section 1031 - Wikipedia

   en.wikipedia.org/wiki/Internal_Revenue_Code...

   Under Section 1031 of the United States Internal Revenue Code (26 U.S.C. § 1031), a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property, a process known as a 1031 exchange.

9. I'm Downsizing for Retirement. I'll Net $480k Selling My ...

   www.aol.com/im-selling-house-netting-480k...

   The main ones are the $250,000 exclusion for single filers and the $500,000 exclusion for married joint filers. ... You can’t exclude any of the gain and you’ll likely owe capital gains tax of ...