John Juarez, ePRO, SRES, GRI, PMN (The Medford Real Estate Team)

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Rainmaker
1,059,611
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

If this law passes, my guess is that one effect will be that more Californians will take the equity from selling their California homes and move to other states.

Oct 01, 2022 05:21 AM
Rainmaker
4,646,844
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

It may help ease the pain of potentially having a higher interest rate mortgage on the new home. Then again does not this benefit the wealthier citizens? Not sure what message this administration is trying to send.

Oct 01, 2022 04:03 AM
Rainer
318,648
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

I'm pretty confident that half a million would cover any gains in a home in my market, but I'm okay if it passes or not.

Oct 01, 2022 08:14 AM
Rainmaker
956,961
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Sounds good in theory. But here's another theory:

ANY TIME the government and especially taxing authority puts their hands in/on our industry, it's a cluster of the first magnitude . . .
I remain cautiously optimistic, let's see what happens! 

Oct 01, 2022 07:11 AM
Rainmaker
587,438
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

It makes me wonder what they are going to take away. 

Oct 01, 2022 07:01 AM
Rainmaker
3,395,350
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

It would be great, lets hope they do not attach all sorts of useless laws to it and it fails. 

Oct 01, 2022 07:29 AM
Rainmaker
2,702,205
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

It is wise to do this as certain areas have ballooned in value never to come down again and motivation to sell as well as good business sense is needed if they are to enter the Real Estate arenas once again with their wealth. Timing for this is crucial. 

Oct 01, 2022 06:55 AM
Rainmaker
7,146,045
Roy Kelley
Retired - Gaithersburg, MD

This will be good news for many if the change is made.

Oct 01, 2022 05:36 AM
Rainmaker
1,394,491
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

I hope they do it.  I remember thinking of how few people would ever reach the $500k trigger back when the law was passed.  How wrong I was.

Oct 01, 2022 09:48 AM
Rainmaker
5,414,833
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I had not heard, but definitely needs to be increased with the last few years of significant home value increases!

Oct 01, 2022 06:32 AM
Rainmaker
1,777,312
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

They are always trying to tinker with this year after year. I'm saying it doesn't really help the average Joe.

Oct 01, 2022 06:29 AM
Rainmaker
1,376,328
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

That would be great if they did that and only that...no catch!

Oct 01, 2022 01:28 PM
Ambassador
3,177,590
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Yes, I am aware of this. 

Oct 01, 2022 07:38 AM
Ambassador
5,839,589
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Good to hear

Oct 01, 2022 12:59 AM
Rainmaker
827,086
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

I think that is great. It will be good for people who are downsizing as well.

Oct 01, 2022 10:43 AM
Ambassador
4,784,774
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Yes, I had heard this. Time will tell.

Oct 01, 2022 09:46 AM
Rainmaker
1,072,822
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Maybe a good idea, idk

Oct 01, 2022 10:00 AM
Ambassador
4,644,670
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Let's hope this bit of legislation passes, John!

Oct 02, 2022 12:58 PM
Rainmaker
2,813,770
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Oh that should help homeowners in our area where property values are higher. They should just build in the cost of living/inflation balancing as they do for many other tax laws.

Oct 02, 2022 12:52 PM
Rainmaker
588,638
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

I heard.  Now I have a question to your question ... What's the catch?

Oct 01, 2022 05:45 PM
Rainmaker
622,977
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

This could be helpful if the legislation truly is what you say.

Oct 01, 2022 04:49 PM
Ambassador
3,089,703
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I'm aware and I think it's a little wrong... and again, something that politicians are doing that benefits themselves more than the average Joe they represent.  

Oct 01, 2022 02:00 PM
Rainmaker
709,744
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

I haven't been able to find out much about this proposal.  It doesn't seem to be a benefit for most of the nation and seems to favor the wealthy.

Oct 01, 2022 10:27 AM
Ambassador
444,060
Emily Medvec
eXp Realty LLC - Santa Fe, NM
Broker | Realtor | Serving Santa Fe & Northern NM

Very informative including your follow up explanations. IMO more work for accountants whatever happens next.

Oct 08, 2022 02:40 PM
Rainer
269,166
Adam Feinberg
Elegran - Manhattan, NY
NYC Condo, Co-op, and Townhouse Advisor

This would be incredibly helpful in my market where we have been hit year after year of either the introduction of major regulatory initiatives or tax related changes followed by the hit related to Covid. While this would benefit the wealthy...it's not enough in my market to make much of a difference to them. Mostly, this is a middle class benefit in my area. 

Oct 05, 2022 10:09 AM
Rainmaker
893,976
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

John,

If this is passed,  will the NIIT (the 3.8% Medicare tax imposed from ObamaDoesn'tCare) exclusion automatically adjust to the new rates of $500K/$1 million for the sale of a principal residence from the current $250/$500k for single/married joint filing taxpayers?

 

Oct 02, 2022 05:59 PM