Sold Home
“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?”
When an inherited house is sold soon after the transfer, the tax picture often turns on the stepped-up basis at the date of death, the final sale price, and any selling costs or improvements tied to the property. In many cases, gain is measured against the adjusted basis rather than the full proceeds, but the exact result can depend on whether the home was a primary residence, how long it was held, and whether any depreciation or other adjustments apply. The timing of the sale and the estate records can also affect how the transaction is reported. A targeted review with a CPA can turn the uncertainty into a clear next step.
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 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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