I don't believe it's changed. With the $500k capital gain exemption for a married couple on a house sale, it would take a lot to go beyond that. Since that is likely to occur in states such as CA and NY, Freepers will be delighted to see the homeowners in those states not get any additional break, even those who have lived in the same house and/or deferred capital gains for over 30 years.
BTW, the 3.8% Obamacare tax on capital gains beyond $250k (married couple; $125k single; $200K head of household) looks to still be in place. This is for most non-business capital gains.
Appreciate the info. Trying to sell various Commercial and Industrial pieces in good ol California and the residence is a farm so don’t get much of a break there either.
The state will screw us on capital gains and doubt that situation will ever change. It is what it is.... Already setting up residence in another state w no income tax. We will be taking at least one of the cats
Thx. JC
Just found this in the Motley Fool
How tax reform would treat dividend and capital gains income
Under current law, investors pay preferential rates on qualified dividends and long-term capital gains. If you’re in the existing 10% or 15% brackets, then you’ll pay a 0% rate. Those in the 25% to 35% brackets pay a maximum of 15% on their qualified dividends and long-term capital gains, while those in the 39.6% bracket pay a 20% maximum tax on that investment income.
Bless DT !!!