To amend the Internal Revenue Code of 1986 to temporarily increase the capital gains exclusion for any qualifying senior who sells a principal residence during a qualifying year, and for other purposes.

This bill would change federal tax law to raise the amount of profit from selling a home that people age 65 or older can exclude from income taxes. It would apply to sales of a main home owned for at least 25 years that take place from 2027 through 2030. A single senior could exclude up to $1,000,000 in gain instead of $250,000. A married couple filing jointly could exclude up to $1,000,000 instead of $500,000 if either spouse is 65 or older, and a married senior filing separately could exclude up to $500,000.

Full text and official record on Congress.gov

Sponsors

• Nicole Malliotakis Republican sponsor
• 1 cosponsors