DavidD66
Expert Alumni

Deductions & credits

You should take the settlement company up on their offer to issue you corrected Forms 1099-S.  That will make reporting the home sale on your tax returns a lot simpler.   The Forms 1099-S should reflect what you actually received.  

 

Since you owned the home less than a year, any gain on the sale is taxable.  Be sure to adjust (reduce) your sales proceeds for any costs you incurred to sell the home.  

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