More Homes on the Market Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill, the More Homes on the Market Act, increases the amount homeowners can exclude from their taxable income when selling their primary residence. It raises the exclusion from $250,000 to $500,000 for single filers and $1,000,000 for married couples filing jointly. Furthermore, the bill includes an adjustment for inflation, meaning these amounts will increase annually to account for the rising cost of living.
Key provisions
- Increases the exclusion of capital gains from the sale of a principal residence.
- Raises the exclusion for single filers from $250,000 to $500,000.
- Raises the exclusion for married couples filing jointly from $500,000 to $1,000,000.
- Includes an inflation adjustment starting in 2026.
Who is affected
- Homeowners
- Taxpayers
- Real estate sellers
Notable changes
- Expands the exclusion for capital gains from the sale of a primary residence.
- Provides for an adjustment for inflation to maintain the exclusion's value over time.
Fiscal impact
The bill could potentially reduce federal tax revenue by increasing the amount of capital gains excluded from taxation.
Bill text
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Sponsors
Official sponsors from legislative records.
23 on record
Primary sponsor
Cosponsors
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