Amends the Internal Revenue Code to allow the one-time exclusion of gain from the sale of a principal residence by a 55-year-old individual in transactions in which the seller retains a life estate and the proceeds are used to purchase a qualified joint and survivor annuity. Revises rules for depreciation in the case of life tenants and beneficiaries of trusts and estates to allow the depreciation deduction by the remainderman in the case of the above transactions.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB; Treasury Department.
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