To amend the Internal Revenue Code of 1986 to eliminate the dollar limitations on the exclusion of gain from sales of principal residences, and for other purposes.

This bill would change federal tax law on profits from selling a main home. Under current law, a seller can leave out up to $250,000 of profit ($500,000 for many married couples filing jointly) from taxable income. This bill would remove those dollar caps, so all qualifying profit from selling a main home would be left out of taxable income. It would also update related rules for people who sell before meeting the usual ownership and residence time requirements, such as for a job change or health reasons. The changes would apply to home sales made after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• Craig A. Goldman Republican sponsor
• 6 cosponsors