To amend the Internal Revenue Code of 1986 to eliminate the dollar limitations on the exclusion of gain from sales of principal residences, and for other purposes.
About This Bill
Committee
Latest Action · January 13, 2026
Referred to the House Committee on Ways and Means.
H.R. 7034 would eliminate the current dollar caps on how much profit homeowners can exclude from federal taxes when they sell their primary residence. Currently, homeowners can exclude up to $250,000 in gains if single or $500,000 if married filing jointly; this bill removes those limits entirely, allowing any amount of profit from a home sale to be tax-free. The change would benefit homeowners across the country, particularly those in high-cost housing markets where home values have appreciated significantly. The bill would take effect immediately upon passage for all home sales occurring after the law is enacted, and no specific funding is required since it reduces rather than increases tax revenue. This represents a major shift in tax policy that would primarily aid middle and upper-income homeowners in expensive real estate markets.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.