(WKBN) – The National Association of Realtors is backing a tax policy that would give a tax credit to home sellers who sell their homes to people who are going to live in them.
The NAR held its monthly board of directors meeting on Nov. 17 when the policy was discussed. To be eligible for the temporary tax credit, the seller needs to have owned the home for a long period of time and sell it to someone who would be the owner-occupant.
The measure is a step to address the national housing shortage and could bring as many as 640,000 homes to the market.
The NAR is also backing a policy that would help with capital gains taxes. Some older homeowners are reluctant to sell because of the tax hit they will take on the profit. A proposed measure would take the market value of the home and anything over that as taxable profit rather than the purchase price cost and the profit made from that.
The More Homes on the Market Act, which was introduced in March 2023, would up the capital gains threshold from $250,000 to $500,000, which would elevate some of the tax burden on those who have owned their homes for longer periods and then decide to sell. The bill has been Referred to the House Committee on Ways and Means.
Also at the board meeting, there was a change in the CEO for the NAR. Bob Goldberg has stepped down and Nykia Wright stepped into the position on Nov. 20.