audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I figure a big hit to home value due to cap on mortgage interest deduction. I only heard about changing the cap gains exemption on sale of principal residence on here so I'll need to take a look at that. Probably wouldn't affect us too much.
This is the language I found on the capital gains exemption on sale of principal residence. Looks like they only increased the time you have to have lived in the residence.
The proposal would also limit capital-gains-tax breaks on home sales. Currently, homeowners can generally exclude from gross income up to $500,000 profit on a home sale if they’ve used the house as a principal residence for two out of the previous five years. The GOP proposal would change that so the exemption would be applied only if people lived in the home as their primary residence for five out of the prior eight years. And they’d be able to use the exemption only once every five years, targeting speculators and home flippers.