A bill to provide that no part of expenses or depreciation on a taxpayer's personal residence can be deducted for income tax purposes as a business expense.

Summary

Provides that, except as otherwise expressly provided, no tax deduction shall be allowed for personal, living, or family expenses under the Internal Revenue Code. States that if a dwelling which is used by the taxpayer as a personal residence (whether or not as his principal residence) is also used by him in an activity engaged in for profit, all expenses in connection with the maintenance, care, and use of such dwelling shall nevertheless be treated as personal, living, or family expenses. Exempts from such rule that portion of a dwelling: (1) which constitutes an office, shop, or other place of doing business utilized by patients, clients, or customers in meeting or dealing with the taxpayer in the normal course of his conduct of his trade or business; or (2) which the taxpayer operates as a hotel, rooming house, or similar establishment.

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1 official file

• Introduced in House

  summary · EN · 30 April 1974

  Open at official source

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