Thank you both for your replies.
I have 2 follow up questions that perhaps you can clarify. 🙂
1) If the Form 1099-S, that is reported from the Title Company shows the sale price, and then payment of 'debt' related to the sale, and the gross proceeds are essentially $0. Would this mean we have no gains?
2) Alternatively, if we determine we do have gains and calculate those gains, would we be able to reinvest those gains within the 2 year period to defer the tax owed or go back and amend the tax filing to recoup those funds??
