More from Trump: Thinking about no tax on capital gains on houses

Wait 5 sec.

CNBC Eamon Javers is reviewing some of the comments from Trump at the White House, and saysTrump is thinking about no tax on capital gains on house sales..With the housing market sharply higher - especially since Covid - there are two things that may be keeping homeowners from selling their homes.1. Homeowners are locked in lower rates. I refinanced at 1.99% for 15 years at the lows.2. If they have oversized gains from owning a home for multiple decades, homeowners would need to pay tax on gains over a certain limitHomeowners who locked-in lower rates don't necessarily have earned enough profit to have capital gains of over $500,000 for married couples, or $250,000 for single people. The median sale price of a US home is only $422,000. They are influenced solely by the rate of their loan. If you are locked in a lower rate, paying 6.8% is significant. Homeowners may be locked in their rate and also in their house as a result.Regarding, the capital gains, there is a slice of homeowners who have been in a home for multiple decades, and they live in areas where appreciation has been great over those decades. They may therefore have capital gains of $1 million or more on their homes. The current law is that if you have capital gains over $250,000 if you're single or $500,000 if married and filing jointly you pay a tax on that incremental gain. As a result, homeowners may be inclined to just stay in the old homestead if possible financially.The idea is that by taking away the capital gains - or perhaps raising the limit - more homeowners would be inclined to sell.. This article was written by Greg Michalowski at investinglive.com.