H. R. 7400

1. Short title

2. Full exclusion of gain from sale of principal residence or residence sold to first-time homebuyer

(a) Elimination of dollar limitations on exclusion of gain

(1) In general

(2) Conforming amendments

(b) Allowance of exclusion of gain from sales to first-Time homebuyers

(1) In general

exchange is—

(i) by reason of

(ii) to a first-time homebuyer.

(2) First-time homebuyer

(3) First-time homebuyer

For purposes of this subsection, the term first-time homebuyer means any individual if such individual (and if married, such individual’s spouse) had no present ownership interest in a principal residence during the 3-year period ending on the date of the sale or exchange of the property to which this subsection applies.

(c) Effective date