First-Time Homebuyer Opportunity Act of 1987

Summary

First-Time Homebuyer Opportunity Act of 1987 - Amends the Internal Revenue Code to permit an individual who has had no present ownership interest in a principal residence during the three-year period immediately preceding the purchase in question to use tax-free distributions from an individual retirement account or annuity to purchase a home if: (1) the purchase is made within 90 days of the distribution; and (2) amounts equal to the distribution amount have been paid into the affected account at least 12 months prior to the purchase. Limits to an aggregate maximum of $10,000 the amount of distributions that may be used in this way.

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1 official file

• Introduced in Senate

  summary · EN · 6 January 1987

  Open at official source

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