S. 930 aims to amend the Internal Revenue Code to allow people who sell certain farmland to reinvest the profits into individual retirement plans without paying income tax on the gains. To qualify, the farmland must have been used for farming by the seller or leased to...
This bill lets people who sell certain farms put the money they make into their retirement savings without paying extra taxes, as long as the farmland was used for farming for many years.
H.R. 1340 proposes changes to the Internal Revenue Code of 1986 to increase the tax exclusion for gains made from selling a principal residence. The bill seeks to raise this exclusion from $250,000 to $500,000 for individuals and from $500,000 to $1,000,000 for married...
H.R. 1340 is a bill that tries to change the rules so that if someone sells their house, they can keep more money from the sale without having to pay taxes on it. It means single people can keep up to $500,000 without taxes and married couples up to $1,000,000, starting in 2025, these numbers will get bigger every year to keep up with rising prices.
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