JohnB5677
Employee Tax Expert

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You do not need a 1099-S.  It is a record for the sale of investment property.  If you have sold your home there are some exclusions that will help you.

 

As long as you owned and lived in the home for two of the five years before the sale, up to $250,000 of profit is tax-free. And if you’re married and file a joint return, that amount doubles to $500,000. 

 

The two years do not have to be continuous.  You could occupy it for six months and qualify for the exclusion.

 

Be very sure on the dates you occupy it to ensure that that you've completed the entire two year period.

 

IRS Pub 523: Rules for sale of home

 

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