So, am I understanding this correctly then:
House sale profits - $166k is exempt from Capital Gaines, but that income is STILL attached to me from the 1099-S.
Does that mean that when I file my taxes next year, that I will be responsible for the taxes on that additional money I received (even though I didn't pay capital gains?)
So, Annual income + 1099-S (from house sale) = Next years tax bill?
Thanks in advance, this is so stressful, appreciate any feedback!!
