Sold Home
“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?”
A 1099-S after a home sale often means the transaction was reported to the IRS, even when the gain may be excluded from tax in many cases. Whether the sale still belongs on a return can depend on factors like how long the home was owned and used, whether it was a primary residence, and whether any part of the property had business or rental use. The form itself does not always determine taxability, but it can affect how the sale is documented and matched to other records. Walking the details through with a CPA is the fastest way to know what truly applies here.
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 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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