H.R. 4327 — No Tax on Home Sales Act

This section eliminates the dollar limitations on the exclusion of gain from the sale or exchange of a principal residence under IRC §121 (to unlimited from $250,000 for unmarried individuals and $500,000 for married individuals filing jointly). (Thus, qualifying taxpayers may exclude all gain after meeting the two-out-of-five-year ownership and use tests.) The amendments apply to sales and exchanges after the date of enactment.