| Item | Description | FY2010 | FY2011 | FY2012 |
|---|---|---|---|---|
| 1.105 | Deferral of Capital Gains on Home Sales
The Taxpayer Relief Act of 1997 repealed this expenditure. Comment: Taxpayers may exclude up to $250,000 of capital gain (or $500,000 if filing jointly) on the sale of a principle residence. This exclusion from gross income may be taken any number of times, provided the home was the filer's primary residence for an aggregate of at least two of the previous five years. The capital gains on home sales are no longer deferred. Origin: IRC S. 1034 Estimate: N.A. |
N.A. | N.A. | N.A. |
| ORIGIN | |
| IRC | Federal Internal Revenue Code (26 U.S.C.) |
|---|---|
| U.S.C | United States Code |
| M.G.L. | Massachusetts General Laws |
| Rev. Rul.; C.B. | Revenue Ruling; Cumulative Bulletin of the U.S. Treasury |
| ESTIMATES | All estimates are in $ millions. |