H.R. 1340 · 119th Congress
More Homes on the Market Act
- Stage
- In committee
- Sponsor
- Jimmy Panetta
- Introduced
- 2025-02-13
- Latest action
- 2025-02-13 · Referred to the House Committee on Ways and Means.
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.