HR 7349
Time to Heal Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Time to Heal Act aims to provide greater financial relief to individuals who have lost a spouse by modifying tax rules regarding the sale of a primary residence. Currently, those who sell their home may only deduct up to $250,000 of profit, regardless of their marital status. This bill would increase that exclusion to $500,000 for individuals whose spouse died, provided they haven't remarried since the spouse’s death and the sale occurs after the bill’s enactment. This change is intended to help grieving individuals recover financially after a significant loss.
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