Protecting Retirement Savings from Inflation: New Tax Rules
This bill aims to protect citizens' savings from inflation by changing how gains or losses from certain assets are calculated. This means that when selling assets like stocks or real estate, after accounting for inflation, the tax might be lower. It applies to individuals over 59.5 years old who have held assets for more than 3 years.
Key points
Lower taxes on gains from selling stocks and real estate for older individuals, by accounting for inflation.
To qualify, you must be 59.5 years or older and have held the assets for more than 3 years.
Written documentation of the original purchase price of assets is required.
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