President Donald Trump has floated the idea of abolishing the federal capital gains tax on home sales, a move that could significantly alter the real estate landscape for the first time in nearly 30 years.

The IRS currently allows an exclusion of up to $250,000 in capital gains from home sales, a figure that hasn't been updated since 1997.

President Donald Trump on Tuesday signaled support for legislation eliminating a capital gains tax on home sales, suggesting a reform on the tax policy—which has gone unchanged for decades—that a National Association of Realtors study found could impact millions of Americans.