- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Unlike other tax documents (W-2, 1099-INT, etc), a 1099-S is not sent to you in the mail, after the end of the year. Instead, it is usually included in your closing papers,
Whether or not, you got a 1099-S, the profit made on the sale of your home is reportable, unless you qualify for the home sale exclusion.
If you did not get a 1099-S and did not make a profit on the sale, you do not have to report the sale. A loss on the sale of personal use property (your home)is not deductible.
@wadestoermer said " I made a profit of 6000 which paid for the work done on the house in order to sell it"
Fix up expenses are not deductible from your profit. "Capital improvements", however are added to your cost basis and effectively reduce your capital gain (profit).