Sold Home
“I sold vacant land adjoining my primary residence, does the sale of this empty lot qualify for the primary home capital gains exclusion?”
Whether vacant land adjoining a primary residence qualifies for the home sale exclusion often depends on how the land was used, how closely it was tied to the residence, and whether the sale was part of a broader disposition of the home property. The ownership period, whether the lot was held separately or as part of the residence parcel, and any prior use for business, rental, or development purposes can also affect the treatment. In many cases, the facts around title, zoning, and the timing of the sale are important in determining how the gain is characterized. Walking the details through with a CPA is the fastest way to know what truly applies here.
In your 60-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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