A bill to amend the Internal Revenue Code of 1986 to provide that certain disabled taxpayers may compute their medical expense deduction without regard to income from the forced sale of assets to pay medical bills.

Summary

Amends the Internal Revenue Code to allow an eligible taxpayer to exclude from gross income the gain from the sale of real property to the extent such gain does not exceed $250,000. Makes a taxpayer eligible if: (1) the taxpayer or the taxpayer's spouse or dependent is physically or mentally incapable of caring for himself or herself; (2) the expenses for medical care of such an individual exceed 25 percent of the taxpayer's adjusted gross income (reduced by the gain from the sale of property); and (3) the taxpayer elects the exclusion from gross income.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 8 October 1992

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.