Time to Heal Act

The Time to Heal Act would amend the Internal Revenue Code to allow widowed individuals to claim the same $500,000 capital gains exclusion on the sale of their principal residence as married couples, regardless of how much time has passed since their spouse’s death, provided they meet the ownership and use requirements before the spouse’s death and have not remarried by the end of the tax year of the sale. This change removes any time limit that might previously have restricted eligibility based on when the spouse died. The bill affects unmarried surviving spouses who sell their home and would apply to sales occurring in taxable years beginning after the date of enactment. It was introduced…

AI summary · The lawmakers haven’t published an official summary of this bill yet, so 52 wrote this one from the bill’s text.