Homeowners Tax Relief Act

Summary

Homeowners Tax Relief Act - Allows a homeowner to depreciate the investment in his home in the same manner as residential property held for rental purposes is depreciated under the Internal Revenue Code. Imposes a tax deduction limitation of $1,500 annually. Provides that, if the taxpayer elects to depreciate his home, his tax basis will be decreased accordingly. Provides that the taxpayer who owns shares in a cooperative housing corporation will have similar depreciation tax relief as proposed for the individual home owner. Enables the taxpayer to deduct under the Internal Revenue Code up to $1,000 for amounts spent for maintenance of property. Enables a taxpayer to deduct as a capital loss, his economic loss on the sale of his home to the extent it does not exceed $5,000. Raises the non-recognition limitation for the sale of a home by persons 65 and over from $35,000 to $40,000. Provides a taxpayer 65 years of age or older with a $1,000 tax deduction if he has a life interest in a retirement home which represents an investment of at least $5,000.

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1 official file

• Introduced in House

  summary · EN · 23 February 1977

  Open at official source

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