More Homes on the Market Act

# More Homes on the Market Act Summary **What the bill would do:** This bill would double the tax break that homeowners receive when they sell their primary residence. Currently, single homeowners can exclude $250,000 in profits from taxes, and married couples can exclude $500,000. The bill would increase these limits to $500,000 for single filers and $1 million for married couples filing jointly. The new amounts would also automatically adjust each year to account for inflation. **Who it affects and the intent:** The bill primarily benefits homeowners who sell their residences at a significant profit.

The sponsor's apparent goal is to incentivize more homes to be listed for sale by letting owners keep more of their proceeds, potentially increasing housing market inventory. It would mainly affect middle to upper-income homeowners in high-value real estate markets where profits above the current exclusion limits are more common. **Current status:** HR 1340 is currently in committee and has not yet been voted on by the full House of Representatives. No companion bill appears to have been introduced in the Senate at this time.