How Do Capital Gains Taxes Work When Selling a Home in Las Vegas? Local Real Estate Expert Deidre Wilson

How do capital gains taxes work when selling a home in Las Vegas?

When you sell your home in Las Vegas, you may owe capital gains taxes if you’ve made a profit. Fortunately, there are IRS exclusions available if the home was your primary residence. Working with a trusted advisor like Deidre Wilson helps you prepare ahead and keep more of your equity.

What Are Capital Gains Taxes?

Capital gains taxes are what you might owe on the profit from selling your home. The gain is the difference between your purchase price (plus improvements) and your sale price.

• Short-term gains: Owned less than 1 year → taxed as regular income.

• Long-term gains: Owned more than 1 year → taxed at 0%, 15%, or 20% depending on your income bracket.

The Primary Residence Exclusion in Nevada

If the home you’re selling was your primary residence for at least 2 of the past 5 years, you can exclude:

• Up to $250,000 if you’re single

• Up to $500,000 if married filing jointly

Example: If you purchased your Henderson home for $350,000 and sell for $625,000, you could exclude the $275,000 gain entirely if you meet the residency rules.

When Capital Gains Apply

You may owe taxes if:

• You didn’t live in the home for 2 of the past 5 years

• You’re selling an investment property

• Your gain is higher than the IRS exclusion limits

• You already claimed the exclusion within the past 2 years

How to Minimize or Avoid Taxes

• Track receipts for upgrades and renovations

• Time your sale after the 2-year residency period

• Consult a CPA or tax professional

• Work with a Realtor like Deidre Wilson to plan strategically

Las Vegas Market Insight

In 2024, Las Vegas home prices rose 7.2% year-over-year (source: LVR). Homeowners in neighborhoods like Inspirada, Seven Hills, and Green Valley Ranch may have large equity gains — and should prepare for tax implications before listing.

Inherited Homes in Clark County

If you inherit a home, the IRS resets its taxable value to the market price at the time of inheritance (“stepped-up basis”). This often means little or no capital gains tax when you sell shortly after.

Why Work With Deidre Wilson & Associates?

Tax laws can feel overwhelming, but you don’t need to handle them alone. Deidre Wilson combines deep knowledge of the Las Vegas and Henderson market with connections to trusted CPAs, estate planners, and financial advisors.

Her goal: help you sell your home while maximizing what you keep.

Your Next Step

Thinking about selling? Reach out to Deidre Wilson & Associates today for a no-obligation consultation.

📞 Call or text: 312-576-5448
📧 Email: sold@deidrewilson.com
🌐 Visit: www.deidrewilson.com

Disclaimer: This article is for informational purposes only and not tax or legal advice. Always consult licensed professionals for specific guidance.