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Due to the housing inventory shortage, a new bill has been proposed in the House, dubbed the More Homes on the Market Act. When a home is sold for a profit, that profit is called a capital gain. Sellers are taxed on that capital gain if it’s over $250,000 for single tax filers or $500,000 for joint filers. A bill to double those amounts was introduced into the House in March by Reps. Jimmy Panetta, D-Calif., and Mike Kelly, R-Pa and is awaiting it's hearing. Analysts estimate that increasing the capital gains exemption would result in 159,000 to 344,000 more homes being put on the market in the first year.
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