More Homes on the Market Act
- Last Action
- 2/13/2025
Actions
- 2025-02-13Referred to the House Committee on Ways and Means.
- 2025-02-13Introduced in House
- 2025-02-13Introduced in House
CRS Summary
As of 2025-02-13 (00)
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.
Cosponsors (20)
- Mike Kelly (R-PA)
- Nicole Malliotakis (R-NY)
- Rudy Yakym (R-IN)
- J. Correa (D-CA)
- Suzan DelBene (D-WA)
- Hillary Scholten (D-MI)
- Julia Brownley (D-CA)
- Maria Salazar (R-FL)
- Kevin Mullin (D-CA)
- Darrell Issa (R-CA)
- Josh Harder (D-CA)
- Don Bacon (R-NE)
- Betty McCollum (D-MN)
- Daniel Goldman (D-NY)
- John Rutherford (R-FL)
- Jim Costa (D-CA)
- Nanette Barragán (D-CA)
- Eric Swalwell (D-CA)
- Michael Lawler (R-NY)
- Monica De La Cruz (R-TX)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.