The American Dream Act helps seniors by letting them sell their homes without facing taxes on the profits, making it easier for them to downsize or move. This bill encourages homeownership among younger buyers while supporting older homeowners.
If you are over 65 and sell your home to a first-time buyer, you could keep all the money you make from the sale.
Who this affects
Seniors over 65 · First-time buyers
What changes is this bill making?
1This bill allows seniors over 65 to sell their homes without paying taxes on profits.
2The home must be sold to a first-time homebuyer who will live there as their main residence.
3The sale price cannot exceed $500,000.
4Buyers must declare they are first-time homebuyers under penalty of perjury.
5This tax break will not apply to sales after December 31, 2031.
