Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities
U.S. Government Accountability Office
Capital gains exclusion on home sales
| Administering Agency/Entity |
Internal Revenue Service |
| Short Description |
Allows a taxpayer to exclude from tax up to $250,000 (or $500,000 if married filing jointly) of gains on the sale of a principal residence. Taxpayer must have owned and occupied the residence for at least 2 of the previous 5 years, and the exclusion is limited to one sale every 2 years. |
| Primary Purpose |
Assistance for buying, selling, or financing a home |
| Type of Housing Supported |
Homeownership |
| Type of Assistance |
Tax exclusion, exemption, or deduction |
| Estimated Revenue Loss1 |
$22,160,000,000 |
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