HR 1340 · In committee · last action February 13, 2025
<p><strong>More Homes on the Market Act </strong></p><p>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). </p><p>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.</p>
Jimmy Panetta (D-CA)
No votes recorded against this bill yet — vote coverage is a work in progress.
<p><strong>More Homes on the Market Act </strong></p><p>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). </p><p>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.</p>