Unlocking Home Equity: How Upcoming Legislation May Impact Your Home Sale in Oklahoma

As home values have risen, more homeowners in Shawnee and across Oklahoma are encountering federal capital gains taxes when selling their primary residences. Currently, individuals can exclude up to $250,000 of profit from these taxes, while married couples can exclude up to $500,000—a threshold set in 1997 and not adjusted for inflation. Given the appreciation in property values, these limits are having an increasingly negative effect on middle-income homeowners.

Recognizing this issue, U.S. Representatives Jimmy Panetta and Mike Kelly introduced the “More Homes on the Market Act” (H.R. 1321) in Congress in 2023. This bipartisan bill proposes doubling the exclusion limits to $500,000 for single filers and $1 million for joint filers, with future adjustments for inflation. The goal is to alleviate the tax burden on homeowners, encouraging them to sell and thereby increasing housing inventory.

As of now, H.R. 1321 has been referred to the House Committee on Ways and Means, where it awaits further consideration. The bill has garnered bipartisan support, with 72 cosponsors from both parties.

In Oklahoma, there are additional considerations. The state offers a capital gains deduction for property sales, which can further reduce tax liabilities. However, specific criteria must be met to qualify for this deduction.

For homeowners in Shawnee contemplating selling their properties, it’s essential to stay informed about both federal and state tax implications. Consulting with a tax professional can provide personalized guidance tailored to your situation.

As a dedicated advocate for homeowners in Shawnee and across Oklahoma, I actively engage at both state and federal levels to champion property rights and real estate interests. My involvement with the REALTORS® Political Action Committee (RPAC) has been instrumental in this endeavor. RPAC is the nation’s largest, most successful, and bipartisan political action committee, supporting candidates who uphold the principles of REALTORS® and property owners.

Through my service on various committees, including the Oklahoma RPAC Board of Trustees since 2012 and the NAR Federal Financing and Housing Policy Committee since 2023, I have worked to influence legislation that benefits our community. This commitment ensures that the voices of Shawnee residents are heard in decisions affecting homeownership and property rights.

My advocacy efforts are deeply rooted in my core values: always doing the right thing, valuing relationships above all, and innovating while having fun. By building strong relationships with policymakers and staying informed on legislative matters, I strive to protect and promote the interests of homeowners and future buyers in our community.

If you have any questions about how current or proposed legislation may impact your property rights or are interested in learning more about RPAC and its role in real estate advocacy, feel free to reach out. I’m here to provide expert guidance and support, ensuring your real estate journey is both successful and deeply personal.