Sec. 11047. Modification of exclusion of gain from sale of principal residence
141 words·~1 min read·
/bill/115/hr/1/eas/section-11047A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 121 is amended by adding at the end the following new subsection: In applying this section with respect to sales or exchanges after December 31, 2017, and before January 1, 2026— 8-year shall be substituted for 5-year each place it appears in subsections (a), (b)(5)(C)(ii)(I), and (c)(1)(B)(i)(I) and paragraphs (7), (9), (10), and
(12)of subsection (d), 5 years shall be substituted for 2 years each place it appears in subsections (a), (b)(3), (b)(4), (b)(5)(C)(ii)(III), and (c)(1)(B)(ii), and 5-year shall be substituted for 2-year in subsection (b)(3). Paragraph
(1)shall not apply to any sale or exchange with respect to which there was a written binding contract in effect before January 1, 2018, and at all times thereafter before the sale or exchange. . The amendment made by this section shall apply to sales and exchanges after December 31, 2017.