Federal HB7131 eliminates dollar limitations on the exclusion of gain from sales of principal residences.
Federal HB7131, the Middle Class Home Tax Elimination Act, amends the Internal Revenue Code to remove dollar limitations on the exclusion of gain from sales of principal residences. This means that individuals selling their main homes will no longer face a cap on the amount of profit they can exclude from their taxable income. The changes apply to sales and exchanges occurring after the bill's enactment.
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