A bill to amend the Internal Revenue Code of 1954 to allow home equity conversions through sale-life tenancy arrangements.

Summary

Amends the Internal Revenue Code to allow the one-time exclusion of gain from the sale of a principal residence by an individual aged 55 or over in transactions in which the seller retains a life tenancy in the property. Revises the rules for depreciation to: (1) allow the purchaser/lessor to take depreciation on the value of the property purchased although the seller retains a life estate; and (2) allow the depreciation deduction to be apportioned as provided in the trust instrument, on the basis of trust income in the case of a trust, or among the estate and the heirs, legatees, and devisees in the case of an estate.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 16 March 1983

  Open at official source

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