Baby boomers looking to sell their long-held homes would get a temporary reprieve from taxes on their profits under a new bill to create a three-year tax holiday.
Rep. Nicole Malliotakis‘ new “Nest Egg Protection Act,” H.R. 9064, proposes raising the capital gains tax exclusion for people over 65 who sell their homes from 2027 through 2030. The act would raise that exclusion on profits of up to $1 million, double the current max, provided they’re selling a home they’ve owned for at least 25 years.
It’s an effort to encourage more seniors to downsize, while helping them avoid the major tax hit that would come because their homes have appreciated so much in value, said Malliotakis (R-New York)…