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Deductions & credits
If the agent knew you were selling your main home and qualify for the exclusion without having a taxable gain, it is not required that the 1099-S be sent. However, if you plan to sell another main home within 2 years, you may want to report this sale -if the other house will have a higher gain.
Can you exclude the full amount?
- If it was your main home that you lived in 2 out of 5 years, you may not need to report the house sale at all. See Topic No. 701 Sale of Your Home.
- If you lived in the home less than two years, you may qualify for one of the exceptions. For further information and examples, see IRS Publication 523, Selling Your Home. Does Your Home Qualify for a Partial Exclusion of Gain.
- TT - Is the money I made from a home sale taxable?
See Determine whether you need to report the gain from your home.
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‎April 3, 2023
11:39 AM