Be Aware: Tax proposal could carry high costs for many homeowners, per Ken Harney

If you already own a home or are thinking of purchasing, the new tax legislation pending before Congress poses serious questions.

Economists at the National Association of Realtors estimate that the tax changes could whack 10 percent off average prices around the country, with declines steeper in states with higher home costs and tax burdens, lower in areas with more moderate prices and taxes.


Owners will still be able to "exclude" up to $500,000 ($250,000 for single filers) of gain on their home sales.  But to qualify they will need to have lived in their house for five of the preceding eight years- verses two of the preceding five years.


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