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This brief examines net capital gains realizations by utilizing zip-code level data on taxes and demographics. This data can help shed light on direct beneficiaries of preferential capital gains tax rates beyond the standard distributional tables based solely on income. In particular, this brief highlights the extent to which the benefits are concentrated among zip codes, and the limited benefits of preferred rates for certain geographic regions. In the following sections—which are based on 2012 data, the most recent year for which data are available—we focus on the relationship between capital gains and Adjusted Gross Income (AGI), the demographic characteristics of zip codes with a particularly high percent of tax returns reporting capital gains, and the average capital gains reported across counties.