There are several tax incentives for owning residential real estate. For example, eligible taxpayers can claim home mortgage interest deductions and property tax deductions. If eligible, they can also exclude from gross income up to $250,000 ($500,000 for married couples filing jointly) of gain realized on the sale of a principal residence. The Joint Committee on Taxation has prepared a report for Congress that details the tax incentives for residential real estate, including those for rental housing. To read the report: