Summary

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.

Summary written by the Congressional Research Service, Library of Congress. Heard is not affiliated with it. Written at: Introduced in House, 2/13/2025.

No roll-call votes recorded for this bill yet.