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CNBC
28 minutes ago
- CNBC
With Trump ‘thinking about' no capital gains taxes on home sales, here's how to lower your bill now
As President Donald Trump weighs ending capital gains taxes on home sales to bolster the housing market, experts say it's possible to lower your bill without legislative changes. When asked about the idea this week in the Oval Office, Trump told reporters, "we're thinking about that." Under current law, you can trigger capital gains taxes for a primary home sale if your profit exceeds $250,000 for single filers or $500,000 for married couples filing together. More from Personal Finance:Trump floats 'no tax on capital gains' for home sales. Here's who could benefitStudent loan forgiveness paused for borrowers on IBR plan. Here's what to knowBack-to-school shopping is more expensive this year — here's the breakdown If your home sale profit is above $250,000 or $500,000, you pay capital gains tax of 0%, 15% or 20%, depending on your taxable income. (You calculate taxable income by subtracting the greater of the standard deduction or itemized deductions from adjusted gross income.) Some higher earners also owe a 3.8% surcharge, known as net investment income tax, on home sales profits above the thresholds. While home prices have soared over the past couple of decades, most sellers are under the $250,000 or $500,000 profit thresholds, experts say. Those impacted are typically "older homeowners, people who have been in their house for many, many years," said William McBride, chief economist at the Tax Foundation. Roughly 34% of homeowners could exceed the $250,000 threshold for single filers, and 10% could be above the $500,000 limit for married couples filing jointly, according to a 2025 study from the National Association of Realtors, which has advocated for capital gains reform for home sales. If you're planning to sell your home and expect profits above the thresholds, here are some ways to lower your capital gains tax bill, experts say. Many home sellers don't know they can trim capital gains by increasing their "cost basis," or the home's original purchase price, according to Boston-area certified financial planner Catherine Valega, founder of Green Bee Advisory. She's also an enrolled agent, which is a tax license to practice before the IRS. You can increase your basis by adding "capital improvements," such as renovations that "improve the resale value of your home," she said. Some examples of these updates include room additions, landscaping, or adding new systems, according to the IRS. However, capital improvements do not include repairs and maintenance that are "necessary to keep your home in good condition," such as repainting, fixing leaks or replacing broken hardware, the agency said. Regardless of whether the law changes, you should keep records of your home's capital improvements, which could help lower taxes when you sell, Valega said.
New York Times
an hour ago
- New York Times
Agriculture Department to Move Most Remaining Washington Workers Out of City
The Agriculture Department will move most of its Washington-based employees outside the nation's capital, the agency announced Thursday. Brooke L. Rollins, the agriculture secretary, said in a memo that the agency would keep no more than 2,000 of the 4,600 members of its current Washington work force at offices in the area, instead spreading employees across five regional hubs. The memo also outlined plans to consolidate or eliminate local offices for subagencies focused on research, statistics, nutrition, forestry and conservation. 'President Trump was elected to make real change in Washington, and we are doing just that by moving our key services outside the Beltway and into great American cities across the country,' Ms. Rollins said in a statement. The vast majority of Agriculture Department employees already work outside the Washington area, spread across the country to assist farmers, conduct research and inspect animal and plant health. The agency's headquarters, though, are on the National Mall and house offices focused on civil rights, congressional relations and watchdog functions in addition to support staff. Ms. Rollins noted that more than 15,000 Agriculture Department employees — about 15 percent of the department's work force of about 100,000 — had taken buyouts. The consolidations and relocations will almost certainly lead to more exits. When the Agriculture Department moved two research agencies from Washington to Kansas City in 2019, each lost more than half of its staff before eventually recovering, according to the Government Accountability Office. The hubs will be Raleigh, N.C.; Kansas City, Mo.; Indianapolis; Fort Collins, Colo.; and Salt Lake City — all cities that already have regional offices. According to the memo, the Agriculture Department will also vacate, over the course of several years, the Beltsville Agricultural Research Center — a 115 year-old facility in Maryland that has contributed to improving the shelf life of butter, developing pesticides and creating new varieties of vegetables and fruits. The American Federation of Government Employees, a union of federal employees, criticized the move. 'This administration is moving at breakneck speed to slash the size of the federal government, often with little thought into the consequences this will have on the American people who rely on the services our members deliver,' Everett Kelley, the union's president, said in a statement.
Washington Post
2 hours ago
- Washington Post
USDA will relocate most of its DC-based workforce
The Department of Agriculture will relocate a majority of its Washington-based workforce to five other locations and shutter several key facilities in the capital region, including its main research center, the agency announced Thursday. Agriculture Secretary Brooke Rollins told employees in a video message that the move is aimed at reducing costs and moving the agency's workforce, which is already primarily scattered across the country, 'closer to the people we serve.' About 2,600 out of 4,600 employees will be relocated to Salt Lake City; Fort Collins, Colorado; Indianapolis; Kansas City, Missouri; and Raleigh, North Carolina.
