Amends the Internal Revenue Code of 1986 to disallow interest and depreciation deductions for taxpayers owning 50 or more single-family rental properties.
Defines “disqualified single family property owner” as any taxpayer owning 50 or more single-family residential rental properties.
Specifies that no interest deduction is allowed for disqualified owners, with exceptions for properties sold to individuals for personal use or qualified nonprofit organizations.
Outlines the definition of “single family residential rental property” and includes specific exclusions for properties receiving certain tax credits or newly constructed properties.
Establishes that the disallowance of deductions applies to indebtedness incurred in taxable years beginning after the enactment of the Act.
Disallows depreciation deductions for disqualified owners, with similar exceptions for properties sold under specified conditions.
Mandates the Secretary to prescribe necessary regulations to implement the provisions and prevent avoidance of the Act’s purposes.
