Less Than 1 Month Left to Sell Before Possible Tax Hike

Some home sellers would need a sale contract inked before the end of 2017 in order to avoid a big tax bill that would be imposed if the GOP tax reform proposals become law. Both the House and Senate bills would require sellers to have lived in their residence for a longer period of time before qualifying for the capital gains tax exclusion on the sale of a primary home. They would have to live in their house at least five years out of the last eight; right now, the requirement is two years out of the last five.

The Senate version, however, includes an exception for transactions in which a contract is written before Jan. 1, even if the closing occurs in 2018.

READ MORE: http://realtormag.realtor.org/daily-news/2017/11/30/1-month-left-sell-possible-tax-hike

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