More Homes on the Market Act

What Homeowners and Real Estate Investors Should Know

Congress is considering legislation known as the More Homes on the Market Act, which is intended to encourage more homeowners to put their homes up for sale by reducing the potential tax cost of selling an appreciated residence.

The legislation is not yet law. Its provisions could change, and the bill may not ultimately be enacted. It is still worth watching, because it could create valuable tax-planning opportunities for homeowners.

The Multiple Jobs Worksheet on Form W-4 is one of the most overlooked sections – and skipping it is a major reason taxpayers end up with unexpected balances due. When this worksheet is not completed, the IRS assumes you have only one job, which almost always results in under-withholding if you or your spouse works more than one job at the same time.