Capital Gains

[Vickie823]

I sold my primary residence in Oct 2024 and it was a manufactured home (owned the home, not the land it sits on). I did not have a mortgage because I had bought it outright so I made the full $89,000 that I sold it for. I’m finding mixed messages about whether I have to file and pay Capital Gains tax on that. 

[ThomasM125 · Accepted solution]

Because of the size of the gain it won't be taxable if you used the house as your primary residence for two of the previous five years and you hadn't excluded a similar gain on sale of your residence within two years of when you sold your house. You can learn more from this IRS article. You will need to report the sale only if you received a Form 1099-S reporting the sale.

[Vickie823]

Okay great- I lived there for three years and have never made money on a sale prior to this so it sounds like I’m in the clear. My only follow up question is - if I am supposed to get the 1099-S who sends that? Is that sent by the government? I sold the house “by owner” so there wasn’t a realtor involved. I’m just trying to know who I’d receive that from if it was something I am supposed to get. 

[DawnC]

Form 1099-S is used to report the sale or exchange of real estate.   It is generally filed by the person responsible for closing the transaction, but it might also be filed by the mortgage lender or a broker for one side or other in the transaction.   And in many situations (like yours), a form will not be sent at all.