If you sell your home, you'd be able to exclude twice as much profit from your taxes. The new caps would also rise with inflation each year, so they don't lose value over time.
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More Homes on the Market Act is a House bill in committee. The latest recorded action: Referred to the House Committee on Ways and Means.
Latest action on H.R. 1340: Referred to the House Committee on Ways and Means.
Who this affects: This bill primarily affects homeowners who sell their primary residence for a significant profit. Long-time homeowners in areas with rapid price growth stand to benefit most, since they're the ones most likely to exceed the current exclusion limits. It also affects federal tax revenue, since more gains would be sheltered from taxation.
Why this matters: Home prices have risen significantly since the current exclusion limits were set, and many homeowners now face taxable gains they wouldn't have had a generation ago. This bill is designed to update those limits and keep them from falling behind again. However, the tax break primarily helps people with expensive homes, raising questions about who really benefits.
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