Is my sale of a residence going to be reported to me on Form 1099-S ?
Answer:
The sale of a residence is usually reported on Form 1099-S by the attorney at the closing or sale of the property.
It is not reported on Form 1099-S if the seller gives a written certification that the full amount of the gain on the sale qualifies for the exclusion.
Currently you may exclude from income up to $250,000 ($500,000 for married filing jointly) of Gain realized on the sale or exchange of a residence if you owned and occupied it as a principal residence for at least 2 years out of the 5 years before the sale or exchange.
Only taxable gains need to be reported on Schedule D. Form 2119 has been discontinued.
It is not reported on Form 1099-S if the seller gives a written certification that the full amount of the gain on the sale qualifies for the exclusion.
Currently you may exclude from income up to $250,000 ($500,000 for married filing jointly) of Gain realized on the sale or exchange of a residence if you owned and occupied it as a principal residence for at least 2 years out of the 5 years before the sale or exchange.
Only taxable gains need to be reported on Schedule D. Form 2119 has been discontinued.
