Obama vs. McCain – Implications as a homeowner?
October 25th, 2008 | categories: Coconut Grove Real Estate
I am reposting this post, because lately I have had several questions on the issue and I just want people to have the correct information when they head into the polling booths.
Barack Obama and John Mccain do seem to agree on one thing. Neither will change the existing tax laws with regards to profits from home sales.
Both Barack Obama and John Mccain will continue to exempt the first $250,000 of gain from the sale of a primary residence ($500,000 for a married couple) which will result in zero tax implications on all but a very few home sales.
This information is taken from the Urban Bookings Tax Policy Center, a non-partisan website. Click here to view a full report of their tax plans.