In today's real estate market, many homeowners are enjoying significant profits when selling their homes—but with those gains can come an unexpected and sometimes hefty tax bill. The capital gains tax, which applies when a property is sold for more than its adjusted cost basis, is increasingly affecting sellers, especially in high-priced markets where home values have soared over the past decade.

The root of the issue lies in the capital gains exclusion limits set by federal tax law. Single homeowners can exclude up to $250,000 in profit from the sale of their primary residence, while married couples filing jointly can exclude up to $500,000. But those limits haven't been adjusted since they were first introduced in 1997. At the time, those exclusion amounts were more than adequate for most homeowners. Today, with inflation and rising property values, many sellers are surpassing those thresholds and facing taxes on the excess profit.

To avoid paying capital gains tax, homeowners must meet specific requirements: they must have owned and lived in the home for at least two of the last five years. These tests determine eligibility for the exclusion. If a homeowner fails to meet either of these requirements, they might want to consider postponing the sale until they qualify. On the other hand, homeowners who've rented out their property for a time before selling might find themselves partially or entirely disqualified from the exclusion due to the property's changed status as a rental.

Understanding the role of cost basis is also critical in managing potential tax liability. A home's cost basis begins with the purchase price, but it doesn't remain static. Improvements made to the home—such as renovations, additions, or restorations after damage—can raise the cost basis, ultimately reducing the taxable gain when the home is sold. On the flip side, factors like depreciation during rental periods, insurance payouts, or energy efficiency credits can reduce the cost basis. Keeping detailed records of any upgrades, repairs, or legal fees tied to the property is key to accurately determining the adjusted basis and minimizing your tax burden.

If a sale has already occurred and capital gains exceed the exclusion amount, there are limited options available after the fact. Homeowners in that situation may be able to offset the gain with realized capital losses from the same tax year, though that scenario is less common. For those planning ahead and considering a sale in 2025, however, there are several proactive strategies that could help lower or offset a potential tax bill.

One approach is tax-loss harvesting, which involves selling investments at a loss to reduce taxable capital gains from other transactions, including real estate sales. This tactic can be particularly useful for those with taxable investment accounts who keep a close eye on their portfolios throughout the year. Contributing to a traditional IRA can also reduce taxable income if the contribution is deductible, and the same applies to eligible contributions made to a health savings account (HSA) for those enrolled in high-deductible health plans.

Charitable giving is another potential strategy. Donating cash or appreciated assets to a qualified charity can yield a tax deduction that helps offset gains. These donations must follow IRS rules, and the deductibility depends on the taxpayer's income and the type of organization receiving the gift. Unused charitable deductions can generally be carried forward for up to five years.

In addition to these tactics, sellers should be aware of several tax law changes taking effect in 2025. Contribution limits to retirement and savings accounts have increased, including the Qualified Charitable Distribution cap, now set at $108,000 for IRA holders aged 70½ and up. Limits for 401(k), 403(b), and Roth 401(k) plans are now $23,500, with an extra $7,500 allowed for those age 50 and older. Health savings account contribution limits have also been bumped up, and the standard deduction has risen to $30,000 for married couples and $15,400 for single filers.

These higher thresholds could provide more opportunities to shelter income and reduce overall tax exposure. Additionally, legislative efforts are underway to raise the capital gains exclusion limits. The More Homes on the Market Act, which is expected to be reintroduced in Congress, would double the exclusion and tie it to inflation in the future. Whether the bill gains traction remains uncertain, but the conversation highlights growing concern over outdated limits.

If you've seen your home value increase significantly and are thinking about selling in the near future, don't wait to plan. Calculate your potential capital gains, evaluate your adjusted cost basis, and explore tax-saving strategies before the sale. Depending on your situation, it may be worth bringing in a tax advisor who can help you navigate the process and potentially save you thousands in taxes.

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If you've ever taken a walk along the Mississippi River in New Orleans, chances are you've been captivated by the sweeping views, open skies, and refreshing breezes of Woldenberg Riverfront Park. With its 14 acres of lush green space nestled between the French Quarter and the river's edge, it has long been a favorite among locals and visitors alike. Now, once again, this beloved destination is gaining national attention, having been nominated for USA Today's 10Best Readers' Choice Award for Best Riverwalk in the United States.

This isn't the first time the park has turned heads on the national stage. Last year, Woldenberg Riverfront Park made its debut in the competition and secured an impressive second-place finish. Since opening in 1989, the park has grown into more than just a scenic stretch of riverfront—it's become a hub of community activity, culture, and connection. Its walkways, open lawns, and tree-lined paths offer a peaceful retreat from the city's bustle, while also playing host to lively festivals and events throughout the year.

Managed by the Audubon Nature Institute, the park is also home to major New Orleans attractions like the Audubon Aquarium and the Audubon Insectarium. These institutions, along with the park itself, have consistently been recognized in the 10Best Awards, with both the Audubon Aquarium and Zoo previously ranking among the best in their respective categories. This year, the Audubon Zoo is again in the running, further highlighting the city's standout public spaces.

Michael J. Sawaya, President and CEO of the Audubon Nature Institute, says Woldenberg Park does more than provide beautiful views. It serves as a reminder of the Mississippi River's critical role in shaping New Orleans' identity. He called the park's national recognition "a tremendous honor for our entire city."

Looking ahead, the impact of Woldenberg Riverfront Park is set to grow even larger—literally. A major expansion project, dubbed "Riverfront for All," will soon begin construction. This ambitious effort will extend the park two additional miles, connecting it with Crescent Park and forming one of the longest uninterrupted stretches of riverfront green space in the nation. Starting this spring, the transformation will enhance access to the river and further elevate New Orleans as a model for urban waterfront development.

For those who want to show their support, voting is open online and continues daily through April 7, 2025. You can vote once per device each day, and every vote brings New Orleans one step closer to claiming the title of America's favorite riverwalk.

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The U.S. housing market is finally showing signs of shifting in favor of buyers, and this spring could be the most buyer-friendly season since the early days of the pandemic. After several years of tight inventory, elevated prices, and rising mortgage rates, more homes are hitting the market and sellers are starting to budge on price.

Joel Berner, senior economist at Realtor.com, believes the timing couldn't be better for buyers who have been waiting patiently on the sidelines. Following a sluggish 2024, which turned out to be the slowest year for existing home sales since 1996, momentum is starting to pick up—and in a direction that benefits those looking to buy. A growing number of listings, longer market times, and a noticeable increase in price cuts are all contributing to a more balanced market.

Berner points out that this shift isn't solely driven by mortgage rates. While lower rates can certainly draw more buyers into the market, they also tend to increase competition and push prices up. What's happening now is different. The current conditions—more inventory, softer pricing, and sellers showing more flexibility—are creating organic opportunities for buyers to negotiate better deals.

Mauricio Umansky, founder of luxury brokerage The Agency, shares Berner's view. He doesn't expect a repeat of the dramatic price drops seen during the 2008 housing crash, but he agrees that buyers have more leverage than they've had in years. He says now is a good time to make strong offers and be bold, as the market is more receptive to negotiation than it has been in quite some time.

The increase in available homes is a major reason for the market shift. Sellers who had previously held off—many of whom locked in mortgage rates of 3% or lower during the pandemic—are finally starting to list their properties. This "lock-in effect" had created a bottleneck in supply over the last few years, but life events like job changes and growing families are forcing many to move despite the higher rates.

While mortgage rates haven't dropped dramatically, they are projected to decline modestly. Realtor.com's forecast expects rates to fall into the low 6% range by the end of 2025. For context, the current average on a 30-year fixed mortgage stands at 6.65% according to Freddie Mac. But even without dramatic rate changes, market behavior is shifting because of increased activity and changing seller attitudes.

Recent housing data backs up these observations. The number of homes actively listed has grown for 16 consecutive months and jumped 27.5% in February compared to the same time last year. Sales activity is also on the rise, with the number of homes under contract increasing by 18.2% year-over-year. However, homes are taking longer to sell, averaging 66 days on the market—almost a full week longer than last year.

This slower pace, combined with more listings and more cautious buyers, is widening the gap between asking and selling prices. As Umansky notes, sellers are now more likely to face offers below their original list price, and in order to close deals, they'll need to be more realistic. If current trends continue, more price adjustments may be on the horizon.

In short, while it may not be a full-fledged buyer's market just yet, spring 2025 is offering a rare window of opportunity for buyers who've been waiting for better conditions. With more choices, motivated sellers, and a bit more negotiating power, it might finally be the right time to make a move.

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How Closing Costs Might Help at Tax Time

When you finalize a home purchase or refinance, you'll face a range of closing costs that can add up quickly. Most of the time, these charges include fees for appraisals, inspections, loan processing, and taxes. While most of these expenses are just part of the cost of doing business, some of them might actually save you money later—if they qualify as tax deductions.

Closing costs can range anywhere from 2% to 6% of the total loan amount, depending on whether you're purchasing a home or refinancing. Buyers usually carry the bulk of these costs, though sellers often contribute as well, especially in markets where negotiations are flexible. Common fees include charges for loan origination, underwriting, and credit reports, as well as appraisal and inspection costs. Title search fees, title insurance, and discount points paid to lower your mortgage rate are also standard line items.

In most cases, the IRS doesn't allow you to deduct closing costs since they're considered part of the overall purchase expense, not an operational cost tied to the home's use. However, there are a few exceptions. Mortgage interest is one of the most common deductions and is allowed on loans up to $750,000, or $375,000 if married filing separately, as long as the loan was taken out after December 15, 2017. Older loans may qualify for higher limits. You can deduct interest payments each year, as long as you still own the home and itemize your deductions.

Another possible deduction comes from mortgage points, which are considered prepaid interest. If certain requirements are met, the full amount of points paid may be deducted in the year you paid them. If not, the deduction can be spread out over the life of the loan. Private mortgage insurance, or PMI, might also be deductible if your income falls below IRS limits and you itemize your taxes. Property taxes are another potential deduction, both those paid at closing and annually, though these are capped at $10,000 per year for married couples filing jointly or $5,000 if filing separately.

For buyers of distressed properties, costs related to necessary repairs and maintenance might also be deductible under certain conditions. These deductions can usually be claimed in the year you pay them, over the course of your mortgage, or when you sell the property by adding them to your cost basis.

The 2017 Tax Cuts and Jobs Act impacted many of these deductions by increasing the standard deduction, making it less beneficial for some homeowners to itemize at all. As a result, fewer people are writing off mortgage interest and property taxes. However, these provisions are set to expire at the end of 2025, so tax benefits may shift again in the near future.

It's also important to understand which costs are never deductible. This includes expenses like appraisals, home inspections, legal fees, title insurance, transfer taxes, surveys, and document preparation. Likewise, homeowners insurance, utility bills, and general repairs are not deductible. Still, some of these charges may be added to your home's cost basis, which could reduce your capital gains taxes if you sell the home down the road.

After closing, it's wise to keep every document related to your purchase or refinance. If you're ever audited, you'll want proof of what you paid and when. And since the rules can be confusing and depend heavily on your specific situation, it's always best to consult a tax expert or financial planner to ensure you're making the most of any possible deductions.

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A high-stakes battle over the future of Louisiana's port infrastructure is heating up, as Plaquemines Port makes a renewed push for an alternative to the $1.8 billion container terminal project planned by the Port of New Orleans at Violet in St. Bernard Parish.

Charles Tillotson, executive director of Plaquemines Port, is lobbying Governor Jeff Landry and top transportation officials to consider a rival site farther downriver. His proposal: a joint 50/50 venture between Plaquemines and Port NOLA, placing the terminal near mile marker 50 of the Mississippi River, around West Pointe à la Hache on the West Bank. That's approximately 35 miles south of the current Violet site.

In response, the Landry administration has taken a hands-off approach, encouraging continued dialogue between the two ports while withholding support for either plan. Julia Cormier, commissioner of the state's Office of Intermodal Transport, emphasized that neither project has been reviewed by the new Louisiana Port and Waterways Investment Commission, a body created by Governor Landry to resolve conflicts and guide strategic port development across the state.

"For the state to take a position supporting one over the other would be irresponsible," Cormier said.

The dispute highlights deep strategic divisions over how to reclaim market share in the fast-growing container shipping sector. While ports in Houston and Mobile have surged in volume — fueled by significant private investment and industrial partnerships — Port NOLA's container volume has remained stagnant.

Port NOLA's proposed Louisiana International Terminal in Violet is designed to solve one major problem: current facilities upriver, like Napoleon Avenue, can't accommodate today's larger container ships due to limitations posed by the Crescent City Connection bridge. Violet, located downriver from the bridge, offers better access — and the port has already made substantial progress, acquiring 1,100 acres of land, securing $800 million in private investment, and receiving a record $300 million in federal grants.

Despite this momentum, the Violet plan has faced local pushback. The St. Bernard Parish Council opposes it unanimously, citing concerns about infrastructure, traffic, and environmental impact. Several lawsuits have emerged, and the project hinges on federal permitting and construction of a toll road to connect the terminal to the interstate.

Tillotson argues that the West Bank site offers significant logistical advantages. Its proximity to the mouth of the river and location along a straight, wide stretch of the Mississippi would allow ships to cut travel time and costs—up to $400,000 per call. He also cites the site's potential rail access through a Union Pacific line, which could provide better connectivity to key inland markets like Dallas.

Additionally, its closeness to strategic assets like the Belle Chasse Naval Air Station and the Avondale Gateway industrial zone is seen as a potential benefit, although those advantages have not been fully detailed publicly.

Port NOLA officials remain firm in their commitment to the Violet project. CEO Beth Branch, who assumed leadership in December, has signaled that construction could begin this year, pending final approvals from the U.S. Army Corps of Engineers.

Board Chair Michael Thomas responded to the Plaquemines pitch with skepticism, pointing out that Port NOLA already owns its site, while Plaquemines Port does not. He also cited major concerns: the Plaquemines site is outside the region's flood protection zone and currently lacks completed rail infrastructure, which could lead to costly delays, lawsuits, and environmental scrutiny.

"We're the only deepwater port in the country with six Class One railroads," Thomas said. "Currently, they do not have railroad connectivity."

Tillotson has hinted that Plaquemines Port will move forward with its own terminal regardless of whether Port NOLA agrees to a joint venture. The port has already signed a nonbinding agreement with APM Terminals, a global operator owned by A.P. Moller-Maersk. Notably, APM also operates terminals in Mobile and Houston — raising concerns among Port NOLA officials about potential conflicts of interest in competitive port development.

Plaquemines Port is also poised for rapid growth, thanks in large part to the $21 billion liquefied natural gas export facility being developed by Venture Global. The plant, which began production in December, is expected to significantly boost the port's tonnage in the coming years.

The showdown between Port NOLA and Plaquemines Port is emblematic of a broader challenge Louisiana faces: how to develop a unified port strategy in a state known for fragmented regional interests. With both container terminal proposals backed by private capital and targeting overlapping markets, coordination is crucial to avoid redundancy — or worse, internal competition that hinders progress for both.

For now, the state has chosen to remain on the sidelines, urging both sides to find common ground. But with billions of dollars, critical infrastructure, and Louisiana's place in the global shipping economy on the line, that neutral stance may not hold for long

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In the heart of New Orleans' Central Business District, walls once overlooked are now bursting with life, thanks to a sweeping public art initiative ahead of Super Bowl LIX. What was once a sea of beige buildings and concrete facades has become a vibrant visual tribute to the city's spirit, culture, and people.

Among the most striking new additions is The Welcoming Committee, a 120-foot-long mural by local artist Annie Moran. Painted on the side of a parking garage on Girod Street, just steps away from the Caesars Superdome and Smoothie King Center, the mural is impossible to miss — and even harder to forget.

A Mural That Greets the World

The mural is a towering celebration of New Orleans' defining traits: hospitality, heritage, and artistic flair. Though the exact height is hard to pin down — Moran estimates around 50 to 60 feet tall — the impact is clear from blocks away.

At its center is a powerful figure: Queen Elenora Rukiya Brown, a Black Masking Indian Queen, arms outstretched in welcome. Moran calls Brown her "muse" and "matriarch," and has painted her three times throughout her career. Brown, a renowned artist in her own right who beads intricate suits for Mardi Gras, serves here as a symbol of the city's legacy of strength, creativity, and hospitality.

Surrounding her are other familiar icons: a chef in classic whites, energetic dancers, and local touches that make the mural unmistakably New Orleans.

More Than Just Game Day

While the mural was timed to coincide with the city's hosting of Super Bowl LIX, its purpose extends far beyond a single sporting event. Commissioned by the Arts Council of New Orleans and funded by the Helis Foundation, The Welcoming Committee is designed to be a lasting piece of public art — one that reflects the soul of the city while inviting others in.

Moran says the directive was clear from the beginning: the mural should serve as a cultural ambassador, welcoming both Super Bowl guests and future visitors alike. But more than that, it's a love letter to New Orleans itself.

"Hospitality is just a cornerstone of our culture," Moran said. "It's not just the hotels and the food — it's the arts. That's why so many people come here. They feel it. They feel welcome."

A Super Bowl Boost for Local Artists

This year's Super Bowl has sparked an unprecedented wave of investment in public art across the city. Dozens of murals have emerged, created by local heavyweights like Brandan "BMIKE" Odums, Carl Joe Williams, and Patrick Henry, among others. The initiative has brought both visibility and financial support to New Orleans' art community.

For Moran, it's been a defining moment. Known more for her interior mural work, this project marks her highest-profile endeavor yet — and her first major exterior mural. The scale and visibility of The Welcoming Committee have opened new doors and challenged her creatively in ways she never expected.

"I had to at least try," she said. "I knew this was an opportunity I couldn't say no to."

A Lasting Legacy in Paint

As crowds pour into the city for the Super Bowl, many will pass Moran's mural without knowing her name or the story behind it. But they'll feel what she hoped to convey — the warmth, the welcome, the unmistakable energy of New Orleans. Long after the game ends and the stadium lights dim, The Welcoming Committee will remain, arms open, inviting everyone to feel at home in the Crescent City.

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Winning the Homeownership Game by Navigating High Mortgage Rates in 2025

In recent years, prospective homebuyers have faced significant challenges in securing their dream homes. Limited housing inventory, increasing competition, a preference for cash buyers, and rising down payment expectations have all contributed to a tense market environment. For first-time buyers, these hurdles have been particularly pronounced, as they work to balance market pressures with the realities of finding a home that fits their budget.

On top of these difficulties, interest rates have climbed dramatically. With several rounds of interest rate hikes and high 10-year treasury yields, mortgage rates have reached their highest levels in two decades. These increased rates have reduced purchasing power and driven up monthly payments, leading to hesitation and uncertainty among would-be homeowners.

Despite these obstacles, Ralph McLaughlin, senior economist at Realtor.com, offers some insights on how buyers can still successfully navigate the market and find a home that fits their price range, even in this high-interest rate environment.

Exploring Mortgage Options and Buydown Credits

For many, high mortgage rates are a significant barrier. While securing a low rate would be ideal, homebuyers may not realize that they have more options than they think to reduce their rates and monthly payments. According to McLaughlin, there are several avenues buyers can explore.

Refinance Down the Road

One straightforward strategy is to purchase a home within budget and plan to refinance when mortgage rates inevitably drop in the future. This approach allows buyers to take advantage of current opportunities while maintaining flexibility for the future.

Consider a 15-Year Mortgage

McLaughlin recommends considering a 15-year mortgage as an option. These loans often come with rates 1 to 1.5 percentage points lower than 30-year mortgages. The advantage of a 15-year term is that buyers can pay off their mortgage in half the time, while the monthly payments will not be double that of a 30-year loan, as many assume.

"Many buyers think their payment will double when they opt for a 15-year mortgage instead of a 30-year mortgage, but that's not the case at all," McLaughlin said. "Typically, the payment will only be 50% to 60% higher."

Explore Adjustable-Rate Mortgages

Another potential strategy is an adjustable-rate mortgage (ARM). ARMs tend to offer lower rates than 30-year fixed mortgages, sometimes even lower than 15-year mortgage rates. While this presents an opportunity for reduced monthly payments, buyers need to understand the potential risks.

"Adjustable-rate mortgages generally come with lower initial rates, but the tradeoff is that after a few years, the rate could adjust upward," McLaughlin explained. "Buyers should carefully weigh the pros and cons, as they may need to refinance after five to seven years if rates drop below their current ARM rate."

Take Advantage of Buydown Credits

One lesser-known but effective strategy is negotiating buydown credits with the seller. A buydown credit allows buyers to reduce their mortgage rate by prepaying interest upfront, often with the help of the seller. This can be particularly beneficial for buyers in a high-rate environment.

"Buyers can negotiate with the seller to provide a credit that lowers their mortgage rate for the first few years," McLaughlin said. "This strategy is more common when sellers are motivated to close the deal, especially in a slower market."

By negotiating a buydown credit, buyers might secure a more manageable rate—such as reducing it from 7% to 6%—by paying part of the interest upfront, which can make monthly payments more affordable.

While the current housing market presents several challenges, there are still opportunities for buyers to secure a home within their budget. By exploring different mortgage options, such as 15-year loans, adjustable-rate mortgages, and buy-down credits, buyers can reduce their monthly payments and position themselves for future refinancing when rates decrease. With some strategic planning, first-time homebuyers can still achieve homeownership, even in today's high-interest rate environment.

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