Sold Home
“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?”
A home sale like this often turns on a few details, including whether the property was truly the primary residence, how long it was owned and occupied, and whether any part of the gain relates to improvements, prior business use, or a rental period. The way the exclusion is reflected on the return can also depend on the sale documents, the reported basis, and whether the gain is fully covered or only partly excluded. In many cases, the return filing is mainly about accurate reporting and documenting the facts that support the exclusion. Working through the specifics with a CPA is the cleanest way to land on the right move.
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 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?”
“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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