Sold Home
“I am selling my home at a massive loss due to a terribly bad real estate market, can I deduct the loss on the sale of a primary residence from my taxes?”
A loss on the sale of a primary residence is often treated differently from losses on investment property, so the home’s use, how long it was lived in as a main residence, and whether any part of it was ever rented or used for business can all matter. The purchase price, selling price, and any improvements or selling costs also affect the overall tax picture. In many cases, the tax treatment depends on whether the property was held strictly as a personal residence or had mixed personal and income-producing use, which can change how the sale is reported. A focused session can map this against your actual situation in plain English.
In your 30-minute session, the KGOB advisor handling it will:
- Read your exact situation and tell you, in plain English, what’s actually going on.
- Lay out your options and the trade-offs — no jargon, no judgment.
- Give you a clear next step you can act on, whether that’s with us or on your own.
“I sold my primary home for a massive profit after living in it for exactly three years, how do I formally claim the capital gains exclusion on my tax return?”
“I made hundreds of thousands of dollars in massive home improvements over the years, how do I add these costs to my basis to lower my capital gains tax?”
“I received a 1099-S from the title company after selling my house, do I still have to report the sale to the IRS if all the profit is totally tax-free?”
“I am a military member and deployed overseas for three years, does the IRS suspend the five-year ownership test for the home sale exclusion while I am away?”
This page is a prompt to start a conversation, not tax or legal advice, and states no tax-law specifics as fact. A consult session does not by itself create an ongoing engagement. We do not promise specific outcomes or savings. Kohari Gonzalez Oneyear & Brown PLLC — Charlotte, NC.
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