H.R. 7034 (Introduced in House) — To amend the Internal Revenue Code of 1986 to eliminate the dollar limitations on the exclusion of gain from sales of principal residences, and for other purposes.

Section 1 Elimination of dollar limitations on exclusion of gain from sales of principal residences

(a)

In general— Section 121(b) of the Internal Revenue Code of 1986 is amended—

(1)

by striking paragraphs (1), (2), and (4), and

(2)

by redesignating paragraphs (3) and (5) as paragraphs (1) and (2), respectively.

(b)

Conforming amendments— Section 121(c) of such Code is amended—

(1)

in paragraph (1), by striking “, and subsection (b)(3)” and all that follows through “2 years” and inserting “, and subsection (b)(1), shall not apply”, and

(2)

in paragraph (2)(A)(ii), by striking “subsection (b)(3)” and inserting “subsection (b)(1)”.

(c)

Effective date— The amendments made by this section shall apply to sales and exchanges after the date of the enactment of this Act.

To amend the Internal Revenue Code of 1986 to eliminate the dollar limitations on the exclusion of gain from sales of principal residences, and for other purposes.

Section 1 Elimination of dollar limitations on exclusion of gain from sales of principal residences

Cite this provision

Incoming references