During a press conference Tuesday, President Donald Trump suggested his support for a bill proposed by Representative Marjorie Taylor Greene (R-GA) earlier this month.
The proposed “No Tax on Home Sales Act” eliminates federal capital gains tax on the sale of primary residences.
“Families who work hard, build equity and sell their homes should not be punished with massive tax bills,” Congresswoman Greene said in a release. “The capital gains tax on home sales is an outdated, unfair burden—especially in today’s housing market, where values have skyrocketed.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.”
Though Trump did not specifically mention Greene’s proposed bill, he pledged his support for no taxes on capital gains from home sales.
“We are thinking about no tax on capital gains on houses,” he said.
Following his comment, Greene wrote a post on X, praising the president for supporting her proposed bill.
“Thank you, President Trump, for supporting my No Tax on Home Sales Act,” she wrote. “My bill would eliminate the federal capital gains tax on the sale of your primary residence. You worked for it. You should keep it.”
Representative Greene met with Bill Pulte, director of the Federal Housing Finance Agency, on Tuesday to discuss her proposal.
The bill, according to the release, only applies to individuals selling their primary residence and not home flippers or real estate investors.
Currently, the IRS allows an exclusion of $250,000, or $500,000 for joint filers, in capital gains for home sales. Those limits were last updated in 1997.
According to Realtor.com®, roughly one in three homeowners in America, nearly 29 million households, have built up more equity than the federal capital gains tax exclusion for single filers protects.
Per the National Association of Realtors®, 10% of homeowners have potential gains above the $500k threshold for joint filers.
“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,” said Greene. “My bill unlocks that equity, helps fix the housing shortage and supports long-term financial security for American families.”
