Lets older home sellers avoid taxes on sales to first-time buyers.
Older individuals selling homes to first-time buyers could avoid paying taxes on the profit from the sale. This would apply to homes sold for $500,000 or less. This tax break would take effect for sales after December 31, 2026, but would end after December 31, 2031.
Currently, individuals selling real property generally pay taxes on the profit from the sale, with some exceptions. If this bill becomes law, individuals aged 65 or older would not pay taxes on profits from selling real property to first-time homebuyers, as long as the sale price is $500,000 or less and other conditions are met.
HR 7051 · 119th Congress · January 14, 2026 · AI Summary by gemini-2.5-flash · 9/10
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