A bill to amend the Internal Revenue Code of 1954 to conform the treatment of residential lot interest expenses to current law treatment of second home interest expense.
Residential Lot Interest Expense Conforming Act of 1987 - Amends the Internal Revenue Code to treat a residential lot as a qualified residence for purposes of the mortgage interest income tax deduction when the taxpayer has purchased such lot for the purpose of building a dwelling unit. Provides for recapture if the lot is used in a trade or business or held for investment.
Referred to House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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