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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