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

The legislation changes the tax code so homeowners can exclude any amount of profit when they sell their principal residence, instead of being limited to $250,000 for individuals or $500,000 for couples. It updates Section 121 of the Internal Revenue Code and applies to sales after the law is enacted. This could benefit owners of high‑value homes and affect federal tax revenue.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share