An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Gross income

All income from whatever source derived, unless specifically excluded by law. It's the total amount of money you make before taxes or deductions.

Gain on the sale of real property

The profit made when you sell a property for more than you originally paid for it (plus any improvements, minus selling costs).

First-time homebuyer

An individual who, along with their spouse, has not owned a principal residence at any time before the date of the sale in question.

Principal residence

The main home where a person lives most of the time.

Internal Revenue Code

The body of law in the United States that governs federal tax collection.

Penalty of perjury

The legal consequences for making a false statement under oath or in a document where one has sworn that the statements are true.