More Homes on the Market Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the More Homes on the Market Act, increases the amount of profit people can exclude from their income when they sell their main home. Currently, taxpayers can exclude up to $250,000 of profit, but this bill would raise that limit to $500,000 for single filers and $1 million for married couples filing jointly. The exclusion amounts will also be adjusted annually for inflation starting in 2025.
Key provisions
- Increases the exclusion of capital gains from the sale of a principal residence.
- Raises the single filer exclusion limit to $500,000.
- Raises the joint filer exclusion limit to $1,000,000.
- Provides for annual adjustments to the exclusion amounts based on inflation.
Who is affected
- Taxpayers
- Homeowners
Notable changes
- Increases the existing principal residence gain exclusion.
- Establishes an inflation adjustment mechanism for the exclusion amounts.
Fiscal impact
The Congressional Budget Office estimates that this bill would increase federal revenue by $6.7 billion over the 2025-2030 period.
Bill text
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Sponsors
Official sponsors from legislative records.
157 on record
Primary sponsor
Cosponsors
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