[Boomer]

There is a well-organized, clearly written article on investopedia.com titled “Capital Gains Tax on Home Sales” dated March 2023, update.

Google or DuckDuckGo, using the article title and the source, will find it, if you want to learn more.

Btw, it was the Taxpayer Relief Act of 1997 that changed the law that used to say profits on a home sale got hit with a capital gains tax unless being reinvested in a more expensive home.

I don’t know about you, but that 1997 Taxpayer Relief Act helped regular people (Mr. Boomer and me) far more than any tax law change since. If you don’t remember who was President then, look it up and you might be surprised that was the actual Taxpayer Relief for helping regular people, not just the tiny percent at the very top.

We have bought 3 primary residences since 1997 and each time we have thanked that 1997 tax law change.

Seems like an awful lot of my fellow-boomers, and beyond, are forgetting which side their bread was buttered on by a tax relief act and remain off by 20 years or are choosing to be amnesiacs. 2017 did very little, if anything, for most of us…..

But the Taxpayer Relief Act of 1997 sure helped a lot of us by letting us keep a chunk of change when selling our primary residence for a good profit.

Boomer (the regular boomer, not a bizillionare)