Today, Congresswoman Marjorie Taylor Greene introduced the No Tax on Home Sales Act. This proposal aims to eliminate the federal capital gains tax on the sale of primary residences, providing tax relief to homeowners and potentially increasing housing supply.
“Families who work hard, build equity, and sell their homes should not be punished with massive tax bills,” said Congresswoman Greene. “The capital gains tax on home sales is an outdated, unfair burden—especially in today’s housing market, where values have skyrocketed. My bill fixes that.”
Currently, there is an exclusion of up to $250,000 ($500,000 for joint filers) in capital gains from home sales as per IRS regulations. However, these limits have remained unchanged since 1997. With rising home prices, more middle-class homeowners are subject to capital gains taxes originally meant for wealthy investors.
Congresswoman Greene’s bill proposes to:
– Eliminate the federal capital gains tax on home sales
– Encourage mobility by removing a disincentive to selling and increasing housing supply
– Deliver tax relief to homeowners looking to downsize or relocate without being penalized for appreciation
– Protect first-time buyers by improving inventory and lowering prices in constrained housing markets
“Homeowners who have lived in their homes for decades, especially seniors in places where values have surged, shouldn’t be forced to stay put because of an IRS penalty. My bill unlocks that equity, helps fix the housing shortage, and supports long-term financial security for American families,” Greene added.
The bill applies specifically to individuals selling their primary residence and excludes home flippers or real estate investors.
Congresswoman Greene remains committed to policies aimed at strengthening American families’ financial futures and restoring fairness in the tax code.
