Sold Home
“I am selling my house and the buyer is paying all of my closing costs, does this arrangement artificially increase my taxable capital gains profit?”
When a home is sold and the buyer pays closing costs, the tax treatment often depends on how those costs are characterized and how they are reflected on the settlement statement. In many cases, the key factors are whether the expenses are treated as selling costs, whether they reduce the amount realized from the sale, and how the final numbers appear on the closing documents. The overall gain calculation can also be affected by the home’s basis, any improvements made over time, and whether the property was a primary residence or another type of holding. Sitting down with a CPA for thirty minutes is usually enough to draw a clean line on this.
In your 90-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 converted my primary residence into a rental property two years ago, do I still legally qualify for the tax-free home sale exclusion if I sell it now?”
“I inherited a house and sold it almost immediately, do I owe capital gains taxes on the full sale price or just the stepped-up basis value?”
“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?”
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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