Amends the Internal Revenue Code to replace the one-time $100,000 exclusion from gross income of gain from the sale or exchange of a principal residence by taxpayers aged 55 with an unlimited tax exclusion of gain resulting from the sale of any residence which was owned and used by a taxpayer as his or her principal residence.
Repeals provisions which allow a deferral of the tax on the gain from the sale of a principal residence.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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