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More Homes on the Market Act

The "More Homes on the Market Act" is a proposed legislation introduced by California Representative Jimmy Panetta and Mike Kelly from Pennsylvania.This act aims to increase the amount of money homeowners can exclude from declaring on their taxes when they sell their homes.

Under the current law, known as the Internal Revenue Code Section 121, homeowners can exclude up to $250,000 in capital gains from the sale of their home if they are single filers, and up to $500,000 if they are joint filers. These exclusion limits have been in place since 1997 and have not been adjusted for inflation in the intervening years.

The proposed legislation seeks to double these exclusion limits, allowing single filers to exclude $500,000 in gains and joint filers to exclude $1 million. In addition, the legislation includes a provision to index these exclusion limits to inflation, which means that the limits would be adjusted periodically to account for the rising cost of living.

The primary objective of this legislation is to provide homeowners with greater financial flexibility and incentives to sell their homes, thereby increasing the housing supply on the market. By allowing homeowners to keep a larger portion of the profits from selling their homes tax-free, it aims to encourage more people to sell their homes and potentially move into new housing options. This, in turn, could help alleviate housing shortages and make it easier for individuals and families to find suitable housing.

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