Rep. Josh Gottheimer (D-NJ) announced Jan. 27 that he is introducing legislation intended to increase retirement savings by changing the tax treatment of capital gains from the sale of a principal residence.
Under Gottheimer’s Senior Housing Improvement and Retirement Accounts (IRA) Act, homeowners who are age 55 or older and have owned their homes for 20 or more years could, on a one-timebasis, roll the proceeds from selling that home into a Roth IRA on a tax-free basis.
In addition, the current $7,000 Roth IRA contribution limits for those nearing retirement would be eliminated.
Gottheimer is introducing this legislation with Rep. John Katko (R-NY).
