H.R. 1340 explained · 119th Congress · Pending in Congress
More Homes on the Market Act
Cosponsors: 158 (91 D, 67 R) · per Congress.gov, 2026-10-12
Introduced: 2025-02-13
Latest action (2025-02-13): Referred to the House Committee on Ways and Means.
What H.R. 1340 does, in plain terms
More Homes on the Market Act This bill increases the amount of gain from the sale of a principal residence that an individual may exclude from gross income (for federal tax purposes). Under the bill, an individual may exclude from gross income gain from the sale of a principal residence of up to $500,000 (currently $250,000), and taxpayers who are married and file a joint federal income tax return may exclude up to $1 million (currently $500.000). The bill also requires these amounts to be adjusted annually for inflation.
Official summary by the Congressional Research Service, via Congress.gov.
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