A bill to amend the Internal Revenue Code of 1954 to exempt from tax gain the sale of an individual's principal residence.

Summary

Amends the Internal Revenue Code to exclude from gross income the gain from the sale or exchange of property if the taxpayer has owned and used such property as a principal residence for periods aggregating 11 months out of the 12 preceding months. (Current law allows such tax exclusion if the taxpayer is age 55 and has owned and used such property as a principal residence for periods aggregating three years out of the five preceding years.) Removes the requirement that the taxpayer must be at least 55 years old. Limits the exclusion to one sale or exchange during the taxable year. Deletes the limitation on the amount of gain which can be excluded.

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Documents

1 official file

• Introduced in House

  summary · EN · 27 January 1987

  Open at official source

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