American Dream Act excludes gains on real property sales to first-time homebuyers by individuals aged 65 and above.
The American Dream Act amends the Internal Revenue Code to exclude from gross income gains on the sale of real property to first-time homebuyers by individuals who have attained age 65. This exclusion applies to sales after December 31, 2026, and before January 1, 2032. The sale must be to a first-time homebuyer, defined as someone who has not owned a principal residence before, for use as their principal residence, and the sale price must not exceed $500,000. The buyer must certify under penalty of perjury that they meet these criteria.
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