I have heard some -- although not a lot -- of discussion that one of the tax reform proposals under consideration would eliminate the capital gains exclusion on the sale of the primary home. Likely or no?
I would think this would be tremendously unpopular and therefore DOA. It penalizes the typical homeowner and really throws a wrench into things for those close to retirement. But then again, I'm not a member of Congress.
And also, it has reminded me that I have not done a good job of keeping receipts on most of the capital expenditures on our almost 14-year-old home. (Working on it...) Some of this will be difficult to reconstruct now, but I should be able to track down records for the major stuff -- just in case. Realistically we don't live in a region where appreciation has been huge and after we deduct selling costs we're looking at capital gains of $25-35K... worst case scenario.