Install
More Homes on the Market Act
To amend the Internal Revenue Code of 1986 to increase the exclusion of gain from the sale of a principal residence, and for other purposes.
- Introduced
- Committee
- Passed House
- Passed Senate
- To President
- Became law
Summary
More Homes on the Market Act
This bill increases the amount of gain from the sale of a principal residence that an individual may exclude from gross income (for federal tax purposes).
Under the bill, an individual may exclude from gross income gain from the sale of a principal residence of up to $500,000 (currently $250,000), and taxpayers who are married and file a joint federal income tax return may exclude up to $1 million (currently $500.000). The bill also requires these amounts to be adjusted annually for inflation.
Summary by the Congressional Research Service, Library of Congress.
Actions
- Feb 13, 2025 Referred to the House Committee on Ways and Means.
- Feb 13, 2025 Introduced in House
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