A bill to amend the Internal Revenue Code of 1986 to allow periods of out-of-residence care to qualify for the principal residence use requirements of the one-time capital gain exclusion for taxpayers who have attained age 55.

referredUnited States· United States Congress· EN

Introduced

13 June 1988

Last action

—

Status

Read twice and referred to the Committee on Finance.

Summary

Amends the Internal Revenue Code to permit a taxpayer aged 55 or older to qualify for the one-time income tax exclusion of gain from the sale of a principal residence even if physical or mental incapacity has necessitated the taxpayer's leaving the relevant property to be cared for in a health care facility or in a relative's home.

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Versions

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Documents

1 official file

Introduced in Senate
summary · EN · 13 June 1988
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/100th-congress/senate-bill/2501
Open data entity: https://api.congress.gov/v3/bill/100/s/2501