Seniors who've owned homes 25 years could shield $1M in sale profits under new bill
In committeeH.R. 9064Latest action
Sponsor: Nicole Malliotakis · Representative · NY
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Official title: 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.
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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HR 9064 would let qualifying seniors 65+ exclude up to $1,000,000 in home-sale profit from taxes between 2027 and 2030.
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What does this do?
HR 9064 would temporarily raise the home-sale capital gains exclusion to $1,000,000 for eligible seniors during the 2027–2030 tax years. Currently, single filers can exclude up to $250,000 in profit and married couples filing jointly can exclude up to $500,000. After 2030, the limits would return to their current levels.
Who does it affect?
The higher exclusion applies to homeowners who are at least 65 years old on the date of sale and have owned that specific home as their primary residence for at least 25 years. Married couples filing jointly can claim the $1,000,000 exclusion if at least one spouse meets both requirements.
Why does it matter?
Long-term homeowners in this age group often hold properties that have gained substantial value over decades, making the existing exclusion limits less protective against taxable profit. Anyone who does not meet both the age and ownership requirements remains subject to the current $250,000 or $500,000 exclusion rules.
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Where does it stand?
- IntroducedMay 29, 2026
- House committeeYou are here · May 29, 2026
- House vote
- Senate
- The president's desk
Right now: a House committee is reviewing it. If the Senate changes it, it goes back to the House before reaching the president.
Latest action: — Referred to the House Committee on Ways and Means.