Summary: H.R.1682 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for H.R.1682. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/20/1997)

Amends the Internal Revenue Code to exclude up to $250,000 ($500,000 jointly) of gain on the sale of a principal residence if owned and used as the principal residence for periods aggregating at least two years during the five-year period prior to sale or exchange.

Sets forth special rules relating to: (1) jointly held property; (2) a deceased spouse; (3) a cooperative housing tenant-stockholder; (4) partial principal residence use; (5) determination of marital status; (6) acquisition after involuntary conversion; and (6) periods of out-of-residence health care.