How Biden’s real estate tax plan may hit smaller property investors
President Joe Biden wants higher taxes on real estate transactions with gains over $500,000. But the proposal may affect more people than wealthy investors.
Real estate investors may soon pay more taxes on high-dollar transactions.
President Joe Biden is asking for higher taxes on real estate transactions with gains of more than $500,000. The tax plan aims to help cover the $1.8 trillion American Families Plan, which pumps money into child care, paid family leave and education programs.
However, financial experts say the tax hike may also put a strain on smaller investors.