@sandy4042 wrote:
The capital gains exclusion on primary residences have really not kept up with the housing prices. I noticed the $250,000/$500,000 was set in 1997. It would still cover many middle class Midwest houses now (including mine and my late mothers) but I doubt it for some housing markets. Probably lawmakers should re-examine the intent of the exclusion and up the amount accordingly, indexing for various housing markets if need be.
Where I live the house next to me was purchased in 1971 for $30,000 and sold recently for $2,700,000.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
