A bill to amend the Internal Revenue Code of 1954 to allow any distribution from an individual retirement account or annuity which is used in the purchase of a home to be rolled over into the basis of such home, and to be treated as ordinary income upon the recognition of gain from the sale of such home.

Summary

Amends the Internal Revenue Code to exclude from gross income distributions from an individual retirement account or annuity to be used for the purchase of a principal residence for the taxpayer. Limits the aggregate amount which may be excluded to $10,000. Reduces the basis of any principal residence by the amount of distribution used for the purchase. Treats as ordinary income any gain realized on the sale of a principal residence to the extent of any amount of such distribution used for the purchase.

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1 official file

• Introduced in Senate

  summary · EN · 21 June 1985

  Open at official source

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