topic Re: 1099S in Get your taxes done using TurboTax

1099S

Gettingitdone — Tue, 21 Dec 2021 02:24:33 GMT

We sold our primary home and am not sure we’ll receive a 1099s because the closing agent isn’t getting back to me. Can we report the sale even if we don’t get a 1099s just in case it was sent to irs and the closing agent forgot to give us a copy? The sale is excludable because it was our primary home for much longer than 2 years and the gain was much less than 50,000.

Re: 1099S

rjs — Tue, 21 Dec 2021 02:50:39 GMT

Yes, you can report the sale on your tax return even if you don't get a Form 1099-S. If the closing agent does not issue a 1099-S you are not required to report the sale, but you can report it if you want to. If the agent does issue a 1099-S, you must report the sale.

Look through your papers from the closing and see if there is a document that you signed certifying that you meet the requirements for the exclusion, so that no 1099-S has to be filed. If you did sign such a document, it's unlikely that the agent will issue a 1099-S.

If the agent does issue a 1099-S, they have until February 15 to send it to you.

Re: 1099S

Bsch4477 — Tue, 21 Dec 2021 02:51:06 GMT

You do not need the 1099-S to report the sale and take your exclusion.

Re: 1099S

Critter-3 — Tue, 21 Dec 2021 13:39:24 GMT

1099-S forms are issued AT CLOSING and not mailed in January. Review your closing paperwork for either the 1099-S form OR the exclusion testimony form. One or the other will be in your paperwork ... if it is not then talk to your broker, attorney or the closing agent.

Of course, as already stated, you can always report the sale even if you don't get a 1099-S but to get it to show up on the Sch D you MUST click the button saying you DID get a 1099-S even if you didn't.