Joel Friedman and his wife Kathryn want to downsize from their large southern California home to a smaller house in a 55+ community. They are deterred by the capital gains tax on home sales, facing up to 20% tax on profits exceeding $500,000 for couples. This tax situation has caused them to delay the move, as retirement funding depends on the sale profits. There's potential relief as President Trump considers eliminating the capital gains tax to stimulate the housing market, which may benefit older homeowners like the Friedmans.
Joel Friedman, 71, wants to downsize from his five-bedroom southern California home due to concerns over maintenance costs and capital gains tax, which hinders their move.
Older homeowners like the Friedmans are discouraged from selling due to capital gains tax of up to 20%, leading to a shortage of family-sized homes on the market.
President Trump is considering eliminating the capital gains tax on home sales in a bipartisan effort to revitalize the housing market affected by high interest rates.
The challenge for retirees like the Friedmans is relying on home sale profits for retirement, while taxes on those sales significantly impact their decisions.
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