To amend the Internal Revenue Code of 1986 to exclude from gross income the gain from the sale or exchange of certain residences acquired before 2013.

Amends the Internal Revenue Code to allow an individual taxpayer an exclusion from gross income of the gain from the sale or exchange of up to two residences (other than a principal residence) acquired after December 31, 2007, and before January 1, 2013. Limits the amount of such exclusion to $250,000 ($500,000 for married taxpayers filing a joint return). Allows a $500,000 exclusion amount for a surviving spouse who sells a residence within two years of the death of a spouse.