FYI: Real Estate

Interested in how Question 1 affects selling homes?

Here's what you should know:

Question 1 will ensure that people who have over $1 million of personal taxable income in 1 year pay their fair share in taxes. How does that affect people who sell a house?

 

Well, the short answer is that almost no one who sells a house will be affected in any way. Of all home sales in Massachusetts last year, only 2% produced a gain of more than $1 million for the seller—the $1 million mark when the Fair Share Amendment would kick in. What’s more, no one pays taxes on the entire amount they earn from a home sale:

  • Someone selling a home can deduct up to $500,000 from their taxes on the sale of their primary residence.

  • They can also deduct the entire cost of a renovated kitchen, an updated heating system, a new roof, or any other improvements they made to the home.

  • Only people selling the very priciest homes in Massachusetts would see their incomes rise enough to pay a single penny more with the Fair Share Amendment.

 

The bottom line: only a tiny percentage of home sellers would see their taxable income rise above $1 million – and anyone making that much in a single year can afford to pay a little more to improve our public schools and fix our roads and bridges.

 

What’s more, many people are really struggling in MA—and they’re not the people selling $1 million homes. Question 1 will ensure those of us who are working hard to get by without making over $1 million a year have access to better roads, schools, colleges, and public transit. That’s what we’re fighting for.