American Home Mobility Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10883 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                               H. R. 10883

       To amend the Internal Revenue Code of 1986 to provide for 
   nonrecognition of gain or loss on like-kind exchanges of certain 
           residential real property, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            October 22, 2026

 Mr. Lawler (for himself and Mr. Gottheimer) introduced the following 
      bill; which was referred to the Committee on Ways and Means

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                                 A BILL

 
       To amend the Internal Revenue Code of 1986 to provide for 
   nonrecognition of gain or loss on like-kind exchanges of certain 
           residential real property, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Home Mobility Act''.

SEC. 2. NONRECOGNITION OF GAIN OR LOSS ON LIKE-KIND EXCHANGES OF 
              CERTAIN RESIDENTIAL REAL PROPERTY.

    (a) In General.--Section 1031(a)(1) of the Internal Revenue Code of 
1986 is amended--
            (1) by striking ``recognized on the exchange of real 
        property'' and inserting ``recognized on--
                    ``(A) the exchange of real property'',
            (2) by striking the period at the end and inserting ``, 
        or'', and
            (3) by adding at the end the following:
                    ``(B) the exchange of real property if--
                            ``(i) during the 30-year period ending on 
                        the date of the exchange, such property has 
                        been owned and used by the taxpayer as the 
                        taxpayer's principal residence (within the 
                        meaning of section 121), and
                            ``(ii) such property is exchanged solely 
                        for real property of like-kind which is to be 
                        held for use as the taxpayer's principal 
                        residence (within such meaning).''.
    (b) Conforming Amendments.--
            (1) The heading of section 1031 of such Code is amended by 
        inserting ``, or held for use as principal residence'' after 
        ``investment''.
            (2) The item relating to section 1031 in the table of 
        sections for part III of subchapter O of chapter 1 of such Code 
        is amended by inserting ``, or held for use as principal 
        residence'' after ``investment''.
    (c) Effective Date.--The amendments made by this section shall 
apply to exchanges completed after December 31, 2026.
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