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Bill to Raise Capital Gains Exclusion will Increase Housing Inventory

3/8/2023

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California REALTORS® applaud the bill to raise capital gains exclusion and free up housing inventory...
 
 The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to the “More Homes on the Market Act,” reintroduced today by House Representatives Jimmy Panetta (D-CA) and Mike Kelly (R-PA). The bipartisan bill increases the capital gain exclusion amounts on the sale of a principal residence to $500,000 for single filers and $1 million for joint filers and indexes the exclusion for inflation. 
 
“California REALTORS® thank Congressman Panetta for reintroducing the ‘More Homes on the Market Act.’ This bill will provide necessary tax relief for California homeowners, particularly senior citizens, who have been unable to move because of the tax burden that could result if they were to sell,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®.
 
“For working Californians, a home is their biggest and most important investment. However, because the capital gains exclusion was passed 25 years ago with no indexing for inflation, fewer and fewer families have been able to downsize and access the equity built up in their homes. This has resulted in fewer homes being available for younger and first-time homebuyers to move into, which has driven up demand and home prices even more.” 
 
The National Association of REALTORS® estimates that in California, as many as 95 percent of single homeowners and 68 percent of married homeowners who purchased their homes before 2000 could face capital gains tax if they sold their home this year. 
 ​
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  • ABOUT OUR TEAM
    • About Pete Sabine
    • Hire the Right Realtor
  • BUYING
    • Consultation and Preparation
    • Home Loan Resources
    • Finding Your Next Home
    • Transaction Management
    • Home Purchase Questionnaire
  • SELLING
    • CONSULTATION AND PREPARATION
    • PREMARKET PREP
    • PRICING STRATEGY
    • MARKETING PROGRAM
    • VIDEO MARKETING >
      • LIFE STYLE VIDEOS
    • STAGING
    • MARKETING UPDATE REPORTS
    • HOME SALE QUESTIONNAIRE
  • COMMUNITIES
    • ABOUT ALAMO
    • ABOUT ALHAMBRA VALLEY
    • ABOUT CLAYTON
    • ABOUT CONCORD
    • ABOUT DANVILLE
    • ABOUT LAFAYETTE
    • ABOUT LAMORINDA
    • ABOUT MARTINEZ
    • ABOUT MORAGA
    • ABOUT ORINDA
    • ABOUT PLEASANT HILL
    • ABOUT SAN RAMON
    • ABOUT WALNUT CREEK
    • COMMUNITY EVENTS >
      • National Night Out
      • Pleasant Hill Blues & Brews Festival
      • Pleasant Hill Summer Concert Series
      • Lindsey Wildlife Experience
      • CHRISTMAS HOLIDAY FUNDRAISER
      • Community Yard Sale Event
      • Home Buying Seminar
  • TIPS & TOOLS
    • REAL ESTATE PRO TIPS
    • Service Provider Directory
    • How to buy/sell book
  • CONTACT US