Temporarily raises the capital gains exclusion for qualifying seniors selling their principal residence.
The bill proposes to amend the Internal Revenue Code to temporarily increase the capital gains exclusion for qualifying seniors selling their principal residence. A qualifying senior is defined as an individual who is at least 65 years old on the date of the sale. The exclusion increases to $1,000,000 for unmarried seniors and $500,000 for married seniors filing jointly. The qualifying residence must have been owned by the taxpayer for at least 25 years. This amendment applies to taxable years beginning after December 31, 2026.
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