Capital Gains Inflation Relief Act
This bill aims to reduce the tax burden on gains from the sale of certain assets, such as stocks, real estate, or digital assets, held for more than three years. It achieves this by adjusting the cost basis of these assets for inflation, potentially leading to lower taxes for individuals. Citizens may experience financial relief when selling long-term investments.
Key points
Gains from the sale of assets like stocks, real estate, and digital assets will be adjusted for inflation if held for over 3 years.
This means the cost used to calculate capital gains tax will be increased by an inflation factor, potentially lowering the tax owed.
The changes apply to individuals, not corporations, and cover assets acquired after December 31, 2021.
Written documentation of the original purchase price is required to qualify for this relief.
Status:
Expired
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