Making Homeownership Affordable Again Act

This bill changes federal tax law so that people who sell their main home would not pay income tax on any of the profit from the sale. Current law caps this tax exclusion at a set dollar amount ($250,000 for most single filers and $500,000 for many married couples); the bill removes those dollar limits. It also allows a tax exclusion on profit from selling a home to a first-time homebuyer even when the seller does not meet the usual ownership and use time requirements. A first-time homebuyer is defined as someone who, along with any spouse, has not owned a main home in the 3 years before the purchase. The changes would apply to sales made after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• Nancy Mace Republican sponsor
• 1 cosponsors