Skip to main content
HR 5726 116th Congress House Taxation Employee benefits and pensions Housing finance and home ownership Income tax deferral Income tax exclusion

Senior Housing IRA Act of 2020

Introduced: January 30, 2020 Introduced by: Gottheimer, Josh Democratic · New Jersey See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 30, 2020
Referred to the House Committee on Ways and Means.
Jan 30, 2020
Introduced in House
 Plain-English summary Congressional Research Service

Senior Housing Improvement and Retirement Accounts Act of 2020 or the Senior Housing IRA Act of 2020

This bill amends the Internal Revenue Code, with respect to the tax treatment of gains from the sale or exchange of a principal residence, to (1) allow a qualified individual to contribute the gains from the sale or exchange to a Roth Individual Retirement Arrangement (IRA) as a qualified rollover contribution which is exempt from contribution limits, and (2) increase the $250,000 limit on the exclusion from gross income for gains from the sale of a principal residence by the amount of the rollover contribution.

The bill applies to individuals who (1) have attained the age of 55 before the date of the sale or exchange, (2) have owned and used the property as a principal residence for at least 20 years, and (3) have not previously elected to treat a contribution to a Roth IRA as a qualified rollover contribution under the authority provided by this bill.

What's happening now January 30, 2020

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1