You can also download or print an instructions PDF.Ģ. If you need to file but didn’t receive a form, you can download it from the IRS website. If you aren’t sure whether or not you should expect a 1099-S form, talk to your closing attorney (if your state requires one) or real estate agent. “This is because the 1099-S reports the gross proceeds of the sale and provides no information as to whether any is taxable or not.” However, he adds, even if you owe no taxes, you will still need to report the sale of the home on your tax return. There are some requirements to qualify for this capital gains tax exclusion, which we’ll address below. “If the profit (gain) on the sale of the home is less than $250,000 (for individuals) or $500,000 (for married filers), then no capital gains taxes will be owed” for most typical situations, Skinner points out. If you didn’t receive one, it might be because you don’t need to file it. Note: the IRS will not be sending the 1099-S. “Typically, the 1099-S is issued at closing and will be included in the closing documents the seller receives at settlement. Be sure to check with your personal tax professional to see if you might fit into one of these exclusions.Ī copy of the 1099-S should be provided to you by the title or settlement company that handles the settlement, Skinner explains. (More on that later.) However, if you don’t qualify for capital gains tax exclusions, your home sale will be reported to the IRS through a 1099-S form. 1099-S form to report your capital gainsįederal tax law generally requires lenders or real estate agents to file a Form 1099-S, Proceeds from Real Estate Transactions, with the IRS when you sell your home, unless you meet IRS requirements for excluding capital gains tax.Īccording to the Internal Revenue Service, you might not have to pay taxes on the sale of your home at all, thanks to capital gains tax exclusions.
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