Doubling Tax-Free Profit Limits on Principal Home Sales.
This bill significantly increases the amount of profit homeowners can exclude from federal income tax when selling their primary residence. The tax-free limit for single filers rises to $500,000, and for married couples, it increases to $1,000,000, reducing tax burdens for sellers. These new, higher limits will also be adjusted annually for inflation starting after 2025, preserving the value of the exclusion over time.
Key points
The tax exclusion for gain on selling a primary home is doubled for all filers.
Single filers can exclude up to $500,000; married couples up to $1,000,000.
New exclusion amounts will be adjusted for inflation annually starting after 2025.
Introduced
Citizen Poll