To amend the Internal Revenue Code of 1986 to permit losses on sales of certain prior principal residences to offset gain on a subsequent sale of a principal residence.
Home Sale Tax Fairness Act of 1992 - Amends the Internal Revenue Code to require gain recognized on the sale or exchange after December 31, 1993, of a principal residence to be reduced by the aggregate losses sustained on the sale or exchange after the date of enactment of this Act of prior principal residences of such individual which were not allowed as a deduction and which were not previously taken into account.
Requires brokers to include in their real estate transaction reports information on the portion of any real property tax which is treated as a tax imposed on the purchaser by reason of rules governing the apportionment of taxes on real property between the seller and purchaser.
Pocket Vetoed by President.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Reported by the Committee on Ways and Means. H. Rept. 102-696.
Reported by the Committee on Ways and Means. H. Rept. 102-696.
Placed on the Union Calendar, Calendar No. 390.
Mr. Gibbons moved to suspend the rules and pass the bill.
Considered under suspension of the rules.
DEBATE - The House proceeded with forty minutes of debate.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
On motion to suspend the rules and pass the bill Agreed to by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and read twice and referred to the Committee on Finance.
See H.R.11.
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