H.R. 1340 — More Homes on the Market Act

This section establishes the short title of the Act as the “More Homes on the Market Act.”

This section increases the exclusion of gain from the sale of a principal residence under section 121 of the Internal Revenue Code of 1986 to $500,000 (from $250,000) for unmarried taxpayers and to $1,000,000 (from $500,000) for married taxpayers filing jointly, and it indexes those amounts for inflation for taxable years beginning after 2024. (Thus, eligible homeowners may exclude up to twice as much gain from income tax, with future annual adjustments rounded down to the nearest $100.) The amendments apply to sales and exchanges after the date of enactment.