I bought my house in New Jersey for $150,000 decades ago. I sold it in 2019 for $250,000. This would be tax free as I understand it. I'm single, a senior, and lived there for 30 years.
Do I need to report this sale on my 2019 tax form? Would the title company NOT send a 1099-S form to the IRS and to me?
Can I have as tax deductions the following seller costs that I see on the Closing Disclosure form? Even if I do not report the sale (no 1099-S)?
- Property Tax
- Real Estate Commission (both the Buyer and Seller brokers)
- State Transfer Fee
- Seller attorney Fee
