Pending Bills of Interest to the Relocation Industry

There are a couple bills pending related to the relocation industry regarding property taxes and home sale capital gain exclusion.

S.2362 would allow a deduction for up to $700.00 of real property taxes in addition to the standard deduction for those who cannot itemize deductions.

H.R.4254 would increase the home sale capital gain exclusion for sellers 50 years or older to $1,000,000 from $500,000 for married couples filing joint returns and from $250,000 to $500,000 for singles