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Increased Tax Exemption for Home Sales

This new bill doubles the amount of profit from selling a primary residence that is exempt from taxes. This means individuals selling their homes can keep more of their money, potentially encouraging more real estate transactions. These changes apply to sales made after the bill becomes law.
Key points
The tax exemption for profit from selling a primary residence increases from $250,000 to $500,000 for individuals.
For married couples filing jointly, the exemption increases from $500,000 to $1,000,000.
Exemption amounts will be adjusted annually for inflation starting in 2024, ensuring their relevance in the future.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_1321
Sponsor: Rep. Panetta, Jimmy [D-CA-19]
Process start date: 2023-03-01
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

More Homes on the Market Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1321.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-03-01.

What are the main provisions?

Key points include:

  • The tax exemption for profit from selling a primary residence increases from $250,000 to $500,000 for individuals.
  • For married couples filing jointly, the exemption increases from $500,000 to $1,000,000.
  • Exemption amounts will be adjusted annually for inflation starting in 2024, ensuring their relevance in the future.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Panetta, Jimmy [D-CA-19].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Taxes Real Estate