Making Homeownership Affordable Again Act

This bill proposes significant amendments to the Internal Revenue Code of 1986, aiming to expand tax exclusions related to the sale of residential properties and enhance homeownership affordability. It eliminates all existing dollar limitations on the exclusion of gain from the sale of a taxpayer's principal residence, allowing for a full exclusion of such gain. Additionally, the bill introduces a new tax incentive by permitting the full exclusion of gain from the sale of any residence if it is sold to a first-time homebuyer . A "first-time homebuyer" is defined as an individual who, along with their spouse, has not held a present ownership interest in a principal residence during the three-year period preceding the sale. These amendments are designed to apply to all sales and exchanges of property occurring after the bill's enactment.