To amend the Internal Revenue Code of 1986 to allow a separate election for each spouse under the 1-time election to exclude gain on the sale or exchange of a principal residence and to increase the maximum exclusion to $250,000 if both a husband and wife make the election for the same residence.
Married Couples Home Sale Equity Act of 1997 - Amends the Internal Revenue Code to allow a husband and wife to make separate elections regarding the one-time exclusion of gain from the sale of a principal residence. Modifies the dollar limitations.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E979-980)
Referred to the House Committee on Ways and Means.
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