- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
If you qualify to exclude the entire gain (the gain is less than $250,000/$500,000) you should be able to sign a form at closing so that the closing agent will not issue a Form 1099-S. Then you will not have to report the sale on your tax return.
It's an exclusion, not an exemption. See IRS Publication 523, Selling Your Home, for all the details of the exclusion.
3 weeks ago