Long-Term Care Act of 1994

Summary

Long-Term Care Act of 1994 - Amends the Internal Revenue Code to provide for the nonrecognition of gain from the sale of a principal residence if the new residence is a qualified continuing care retirement community and the taxpayer has attained the age 55. Excludes from gross income amounts withdrawn from individual retirement plans or certain pension plans to pay qualified long-term care insurance expenses. Increases the one-time exclusion of gain on the sale of a principal residence by individuals who have attained age 55 by the amount set aside for the long-term care of such individuals. Requires State mortgage loan laws to expressly apply to reverse mortgage loans. Provides that proceeds from reverse mortgage loans shall not be treated as income or receipts for means-tested programs.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 4 October 1994

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• Introduced in House (PDF)

  Introduced in House · EN · 4 October 1994

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• Introduced in House

  summary · EN · 4 October 1994

  Open at official source

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