Jun 07, 2023 08:00 AM
Rep. Jimmy Panetta, D-Calf., and Mike Kelly, R-Pa., introduced the More Homes on the Market Act, legislation that would double the amount of capital gains exclusions on home sales, MarketWatch reported May 27. Sellers would be able to exclude either $500,000 (single filers) or $1 million (joint filers), and index the amount to inflation. The current allowable deduction amounts have been unchanged since 1997.