To amend the Internal Revenue Code of 1986 to temporarily increase the capital gains exclusion for any qualifying senior who sells a principal residence during a qualifying year, and for other purposes.

Q: What does Preamble of To amend the Internal Revenue Code of 1986 to temporarily increase the capital gains exclusion for any qualifying senior who sells a principal residence during a qualifying year, and for other purposes. do?

This bill proposes to amend the Internal Revenue Code of 1986. The proposed amendment aims to temporarily increase the capital gains exclusion for qualifying seniors. The increase applies to seniors who sell their principal residence during a qualifying year.

Q: What does TEMPORARY INCREASE TO CAPITAL GAINS EXCLUSION FOR SALE OF A of To amend the Internal Revenue Code of 1986 to temporarily increase the capital gains exclusion for any qualifying senior who sells a principal residence during a qualifying year, and for other purposes. do?

This section amends Section 121(b) of the Internal Revenue Code of 1986 to provide a special increased exclusion for sales of a primary residence by certain seniors. The increased exclusion applies to sales occurring between December 31, 2026, and January 1, 2031. For qualifying seniors who are not married, the exclusion amount is increased to $1,000,000. For married individuals filing jointly where at least one spouse is a qualifying senior, the exclusion amount is increased to $1,000,000 for both paragraphs (2) and (4). For married seniors filing separately, the exclusion amount is increased to $500,000. A 'qualifying senior' is defined as an individual who is at least 65 years old on the date of the sale. A 'qualifying residence' is defined as a principal residence owned by the taxpayer (or either spouse in the case of a joint return) for at least 25 years.

Last updated: 5/29/2026 · Introduced: 5/29/2026

Author: Nicole Malliotakis (R-NY)

TL;DR (AI)

This bill temporarily increases the capital gains exclusion for qualifying seniors selling their principal residence between 2026 and 2031.
Single qualifying seniors can exclude up to $1,000,000 in capital gains, while married couples filing jointly with at least one qualifying senior can also exclude up to $1,000,000.
To qualify, individuals must be at least 65 years old and have owned the residence as their principal residence for at least 25 years.

119th Congressin committeeOfficial page

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Includes provisions on preamble, temporary increase to capital gains exclusion for sale of a.

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