Why This Matters
The Time to Heal Act helps widows and widowers by allowing them to exclude more money from taxes when selling their homes. This change provides financial relief during a difficult time after losing a spouse.
If you are a widow or widower selling your home, you could save thousands on taxes.
Affects: This bill affects individuals who have lost their spouses and are selling their homes.
What changes is this bill making?
1. This bill allows individuals with deceased spouses to sell their homes with a higher tax exclusion. 2. Instead of a $250,000 exclusion, they can exclude up to $500,000 from capital gains tax. 3. This applies as long as they have not remarried since their spouse's death. 4. The bill helps those who meet certain conditions before their spouse passed away. 5. It affects home sales that occur after the bill is enacted.
Who is affected?
This bill affects individuals who have lost their spouses and are selling their homes.