Bill seeks option for homeowners over 55

There may be additional help on the way for homeowners over 55 who need extra income. Legislation recently introduced would allow these homeowners to sell their homes at fair market prices to institutions. They would retain a lifetime right to live on the property and receive a regular prearranged annuity payment from the institution.

New provisions of the bill include a one-time capital-gains tax exemption of up to $125,000 for the homeowner plus a full depreciation schedule for the institution ''renting'' to the former owner. Present tax laws do not allow these latter arrangements.

The new bill, introduced by Sen. Arlen Specter (R) of Pennsylvania, is expected to receive committee recommendations and perhaps full-Senate treatment in the current session.

Share this story:

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK