Amends the Internal Revenue Code to permit investors in residential rental property to claim business expense tax deductions with respect to dwelling units rented to any individual, including family members, if such units are rented at a fair market rental. Permits rentals pursuant to shared equity agreements. Defines "shared equity agreements" as agreements between two or more individuals in which such individuals acquire certain ownership interests in the property and one individual rents the property as his principal residence at a fair market rental.
Extends until 1984 the application of the net operating loss rules added by the Tax Reform Act of 1976.
For Further Action See H.R.4908.
For Further Action See H.R.4908.
For Further Action See H.R.4908.
Became Public Law No: 97-248.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Referred to Subcommittee on Select Revenue Measures.
Other Measure H.R.4961 Forwarded by Subcommittee to Full Committee in Lieu.
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