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Deductions & credits
@jennafusal wrote:I was wondering why I got the 1099-S.
There is usually a form in the "closing" paperwork that asks a bunch of questions in connection with that. If you answered something in a way that indicated you MIGHT need to report the sale, they send you a 1099-S.
On another note, another scenario is if you ever were eligible to claim deprecation on the home (such as for a Home Office or renting out part of your home), you DO need to report the sale even if you meet the 2 out of 5 year rule. @DoninGA , you may want to keep that in mind when responding to these kinds of questions.
‎July 12, 2020
1:42 PM