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.

# Summary of HR 7034 **What the Bill Would Do** This bill would change how homeowners are taxed when they sell their primary residence. Currently, federal law allows homeowners to exclude up to $250,000 in profit from taxes (or $500,000 for married couples filing jointly) when selling a home they've lived in. This bill would remove those dollar caps entirely, potentially allowing homeowners to exclude unlimited amounts of profit from taxes on home sales. **Who It Affects** The bill would primarily benefit homeowners who sell their homes for significantly more than they paid, particularly in areas with high real estate appreciation.

It could especially benefit people selling homes in expensive markets where profits exceed current tax exclusion limits. The bill would reduce federal tax revenue from these sales. **Current Status** HR 7034 was introduced by Representative Craig Goldman (R-TX) in the 119th Congress and is currently in committee, meaning it has not yet been debated or voted on by the full House of Representatives. The bill has not advanced to a vote as of now.