Homeowners Tax Relief Act

[AI summary unavailable — showing source text] Homeowners Tax Relief Act - Allows a homeowner to depreciate the investment in his home in the same manner as residential property held for rental purposes is depreciated under the Internal Revenue Code. Imposes a tax deduction limitation of $1,500 annually. Provides that, if the taxpayer elects to depreciate his home, his tax basis will be decreased accordingly. Provides that the taxpayer who owns shares in a cooperative housing corporation will have similar depreciation tax relief as proposed for the individual home owner. Enables the taxpayer to deduct under the Internal Revenue Code up to $1,000 for his home repairs and maintenance. Excludes from this tax deduction amounts spent for domestic servants and management of property. Changes present law giving taxpayers 65 or older alternative choices of electing non-recognition of gain in the selling of his house pursuant to the Internal Revenue Code. Raises the non-recognition limitation for the sale of a home by persons 65 and over from $20,000 to $40,000.…