I have no idea why the 1099-S was issued with a lower amount. Regardless of which selling price you use it will not be a taxable event.
- I suggest you use the 615 K number as sale proceeds.
- If you bought the house on 9/15/2020 and sold it on 11/30/2022, you do qualify for the 2-year exclusion.
- With the $250K exclusion you will not owe any tax on the sale of your home.
Enter the sale of your principal residence:
- Click on Federal
- Wages & Income
- Scroll to Less Common Income,
- click on Sale of Home (gain or loss).
- On the screen Sale of Your Main Home click the Yes box.
- On the Sold A Home screen, review the information you will need to enter and click Continue.
- Continue through the screens, entering the requested information.
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