Home Sale Tax Preparation,
Without the Stress
Selling a home can be the largest single transaction of your year, and the tax treatment ranges from owing nothing at all to a sizable capital gain, depending on details that are easy to overlook. If the home was your main residence, a large portion of the gain may be excluded from tax entirely, and many sales never need to be reported. The exclusion has conditions, though, gains on higher-value homes can run past it, and years of improvements you paid for add to your basis and lower the gain in ways worth capturing. A home that was ever a rental, a second home, or one you inherited each follows a different set of rules. Knowing which situation is yours before the sale closes changes both what you owe and what records you need to keep.
Our office is at 12305 Gold Street in West Omaha. Some clients with homes to sale choose us because they know the price before we begin and deal directly with one credentialed professional throughout the process, not a seasonal tax preparer. Your return is prepared by a CFP® professional, CFA® charterholder, and Enrolled Agent. We respond promptly, even during tax season. Once your return is complete, you receive a recorded video that walks you through every number and what it means, so you understand what is being filed and why, and you are not required to pay until your return is ready to be filed.
Ready to Get Started
Choose the way that works best for you.
Some Situations That Might Apply If You Sold a Home
You sold your main home
For a home that was your primary residence, the tax code is generous. If you owned and lived in it for at least two of the five years before the sale, you can generally exclude a large amount of gain from tax. Many sales that meet the test owe no tax at all and do not even have to be reported. The catch is that the exclusion is not automatic on paper: you have to qualify, and if you received a 1099-S at closing, the sale usually needs to appear on your return even when the gain is fully excluded. We confirm you qualify and handle the reporting so you actually get the exclusion you deserve.
You did not live there a full two years
Life does not always wait for the two-year mark. If you sold before meeting the ownership and use test because of a job relocation, a health situation, or another unforeseen circumstance, you may still qualify for a partial exclusion rather than losing it entirely. The reduced amount is prorated based on how long you did own and occupy the home, and the qualifying reasons are specific. This is one of the situations where the details of why and when you sold decide whether a portion of the gain is taxed or excluded, so it is worth walking through carefully.
You sold a second home or an inherited home
Not every home sale gets the primary-residence exclusion. A vacation home or second home does not qualify, so the entire gain is generally taxable as a capital gain, though your basis and selling costs still reduce it. An inherited home works differently and often in your favor: its basis is usually stepped up to the value at the date of death, so a home sold not long after can show little or no gain even if it appreciated for decades under the previous owner. Each of these turns on establishing the right basis, and for an inherited property that value is easiest to document early, while the estate records are still at hand.
We also help with related situations, including brokerage accounts, itemized deductions, and multi-state tax preparation. Or browse every income tax situation we help with.
Prefer to Learn
More First
Take a quick tour of how we work and what makes us different.
Why Choose MTS