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.
Who this affects
Individuals who lost spouses
What changes is this bill making?
1This bill allows individuals with deceased spouses to sell their homes with a higher tax exclusion.
2Instead of a $250,000 exclusion, they can exclude up to $500,000 from capital gains tax.
3This applies as long as they have not remarried since their spouse's death.
4The bill helps those who meet certain conditions before their spouse passed away.
5It affects home sales that occur after the bill is enacted.
