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Doubling Tax Exclusion on Principal Residence Sale Gains

This bill doubles the amount of profit from the sale of a principal residence that is excluded from income tax. The limit increases from $250,000 to $500,000 for single filers and from $500,000 to $1,000,000 for married couples. This change allows citizens to keep significantly more money from their home sale, aiming to encourage more properties to be listed on the market.
Key points
Tax changes: The tax exclusion limit for gains from selling a home is doubled (up to $500,000 for single filers).
Financial benefit: Married couples can exclude up to $1,000,000 of profit from the sale of their principal residence from taxation.
Inflation protection: The new exclusion limits will be adjusted annually for inflation to maintain their real value over time.
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Introduced
Citizen Poll
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Additional Information
Print number: 119_HR_1340
Sponsor: Rep. Panetta, Jimmy [D-CA-19]
Process start date: 2025-02-13
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Summarized by: gemini-flash-latest
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 119_HR_1340.

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 2025-02-13.

What are the main provisions?

Key points include:

  • Tax changes: The tax exclusion limit for gains from selling a home is doubled (up to $500,000 for single filers).
  • Financial benefit: Married couples can exclude up to $1,000,000 of profit from the sale of their principal residence from taxation.
  • Inflation protection: The new exclusion limits will be adjusted annually for inflation to maintain their real value over time.
What is the specific legal status?

The current status is Introduced.

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 2025-12-23.

CATEGORIES

Taxes Real Estate Economy