American Dream Act

HR 7051, the American Dream Act, allows individuals aged 65 or older to exclude taxable gains from selling their home to a first-time homebuyer under specific conditions. The bill applies when the home sells for $500,000 or less, the buyer is a first-time homebuyer purchasing it as their primary residence, and the buyer provides a sworn statement confirming these details. The exclusion is only available for sales occurring after December 31, 2026, and expires after December 31, 2031. This policy directly affects seniors aged 65+ selling their primary residence and first-time homebuyers purchasing it as their main home.