“The home-sellers’ exemption allows millions of Americans to skip taxes on a large chunk of appreciation when they sell their homes—up to $250,000 of profit for single filers and up to $500,000 for married couples filing jointly (and some widows and widowers). These exemptions haven’t changed since enactment in 1997, and they’re not adjusted for inflation…For most homeowners, this benefit easily wipes out taxes when they sell. The median gain for U.S. home sellers in the first quarter of 2021 was a near-high of $70,050, according to Attom Data Solutions, which tracks real-estate data”
