Principal Residence Tax Exclusion Act of 1997

Summary

Principal Residence Tax Exclusion Act of 1997 - Amends the Internal Revenue Code to replace the existing one-time exclusion of up to $125,000 of gain from the sale of a principal residence by a person at least 55 years old with an exclusion of gain of up to $250,000 ($500,000 for qualifying joint return) for a qualifying sale of a principal residence regardless of the person's age. Applies such exclusion to only one sale or exchange every two years. Repeals the provision providing for nonrecognition of gain on principal residence rollovers.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 5 June 1997

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 5 June 1997

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• Introduced in Senate

  summary · EN · 5 June 1997

  Open at official source

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