Congresswoman Nicole Malliotakis Introduced Legislation to Cut Capital Gains Taxes for Seniors Selling Their Homes
At tonight’s Community Board 10 meeting, Lori from Congresswoman Nicole Malliotakis’ office said that Nicole introduced legislation that would reduce capital gains taxes for seniors who sell their homes.
The bill is called: The Nest Egg Protection Act. You can read more about it here: https://shorturl.at/Tp4zw You can read the bill here: https://www.congress.gov/bill/119th-congress/house-bill/9064
Under current federal tax law, homeowners can exclude up to $250,000 in profit from capital gains taxes when selling a primary residence if they are single, and up to $500,000 if they are married and file jointly.
Malliotakis’ proposal would increase that tax-free profit exclusion to $1 million for homeowners who are at least 65 years old and have owned their home for at least 25 years, regardless of whether they are married or single.
Hugs,
marlene
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