Making Homeownership Affordable Again Act removes dollar limitations on the exclusion of gain from the sale of a principal residence.
The Making Homeownership Affordable Again Act amends the Internal Revenue Code to eliminate dollar limitations on the exclusion of gain from the sale of a principal residence. This change applies to sales and exchanges made after the enactment of the Act. Additionally, it allows for the full exclusion of gain from the sale of a residence sold to a first-time homebuyer, defined as someone who has not owned a principal residence in the past three years.
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