Real Estate

How Biden’s capital gains tax hike may hit home sellers in hot markets

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President Biden delivers remarks on the COVID-19 response and the state of vaccinations at the South Court Auditorium of Eisenhower Executive Office Building on April 21, 2021 in Washington.

Alex Wong | Getty Images

As home prices soar, some sellers in red-hot markets may face a costly surprise come tax time.

President Joe Biden will propose in a nationwide address Wednesday a capital gains tax increase for the top 0.3% of households — those making more than $1 million per year.   

But the proposal may also deliver a tax bill to those selling a home with significant gains.

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Source cnbc.com

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