Insight
The Nest Egg Protection Act (H.R. 9064) proposes to temporarily raise the capital gains tax exclusion to $1 million for senior homeowners (ages 65+) selling their primary residences, provided they've owned it for at least 25 years.
Nest Egg Protection Act would raise capital gains tax exclusion for senior home sellers
Summary
Federal legislation aims to ease capital gains tax for senior homeowners selling primary residences. The Nest Egg Protection Act proposes a $1 million exclusion for those 65+ owning homes for 25+ years, potentially freeing up inventory.
Key takeaway