Federal HB7034 would remove the dollar limits on the tax-free exclusion for gains from selling a principal residence.
Federal HB7034 proposes to amend the Internal Revenue Code to eliminate dollar limitations on the exclusion of gain from sales of principal residences. This means that individuals selling their main home would no longer face a cap on the amount of profit they can exclude from their taxable income. The bill makes conforming amendments to relevant sections and specifies that these changes would apply to sales and exchanges occurring after the bill's enactment.
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- Core Provisions
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