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Level 1

Question

I received a 1099-S for the sale a of a property. I already filed my 2020 return. I had no gain on the sale. Should I file an amended return?

Forum|Forum|5 years ago
April 1, 2021
2 replies
24 views

No text available

TurboTax Deluxe Online

Level 15

If the gain was on the sale of your primary residence, then you don't need to report it if there was no taxable gain involved. Otherwise, it should be reported but if you choose not to, keep a copy of the form and records substantiating that there was not a gain on the sale, as the IRS may inquire about it later on.

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Level 15

wait to see if you get a notice from the IRS. the thing is the IRS gets a copy of the 1099-S and has no way of knowing if there's a taxable gain or nondeductible personal loss.

Mike9241