Capital Gains & how to take action
25 years in your home is an achievement.
The 1997 tax code hasn't kept up with it.
When you bought your home, the capital gains exclusion covered just about any sale. It still sits at $250,000 for individuals and $500,000 for couples, the same limits Congress set back in 1997. Values across Portland have climbed a long way since then, and many long-time owners are surprised to learn a sale could trigger a federal tax bill on the gain above those caps.
There is a bipartisan fix in Congress right now. The More Homes on the Market Act would update the exclusion for inflation and keep it current going forward. It is sitting in committee, waiting for people like you to speak up.
Two things you can do:
Ask your member of Congress to support the More Homes on the Market Act. Find yours in 30 seconds: [link]
Call me before you ever list. I'll walk you through
what your specific numbers look like, so there
are no surprises.
Learn more about this issue here.