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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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March 27, 2025
8:04 AM
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