Sold Home
“I rent out the basement of my primary residence, when I sell the house, do I have to pay depreciation recapture tax just on the basement portion?”
When a basement in a primary residence has been rented out, the tax treatment on sale often depends on how the space was used, whether any depreciation was claimed, and how the home is split between personal and rental use. In many cases, the rental portion can be treated differently from the rest of the home, and depreciation taken over time may affect the gain calculation for that portion. The timing of the sale, records of prior depreciation, and whether the basement was part of a separate rental setup can all shape the outcome. A short conversation with a CPA can sort out what applies to your specific numbers.
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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