Heat pump systems with a gas bypass tank and that operate in both heating and cooling modes are disclosed. The systems include a first splitting valve that can route liquid refrigerant to either the indoor coil or the outdoor coil, depending on whether the heat pump system is in heating or cooling mode. An expansion valve in the system can lower the pressure of liquid refrigerant leaving a condenser, thereby creating a two-phase fluid comprising liquid refrigerant and vaporized refrigerant. The gas bypass tank can separate liquid refrigerant from vaporized refrigerant. The liquid refrigerant can be supplied to the evaporator of the system, while the vaporized refrigerant can be bypassed to a compressor. The first splitting valve can include a first plurality of switching paths that route the separated liquid refrigerant to either the outdoor coil or the indoor coil.