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Did not receive a 1099-S and do not qualify for exemption

I sold my house after 1 year, 10 months of living in and owning it; was not married during any portion of that time, and therefore do not qualify for the capital gains exemption.

I have not received a 1099-S form at any point in the process, so should I still report my gains? 

What to report as gains is also a question I have, but first I would like to know if I should report them even if I did not receive a 1099-S.

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1 Best answer

Accepted Solutions
MayaD
Expert Alumni

Did not receive a 1099-S and do not qualify for exemption

Yes, you must report the sale of the home if you can't exclude all of your capital gain from income even if you didn't receive Form1099-S.

If you don't meet the Eligibility Test, you may still qualify for a partial exclusion of gain. You can meet the requirements for a partial exclusion if the main reason for your home sale was a change in workplace location, a health issue, or an unforeseeable event. For more information please check: irs.gov

 

TurboTax will show you if your home sale is taxable, by following the instructions provided:

  1. Open or continue your return in TurboTax
  2. Search for home sale
  3. Select the Jump to link in the search results
  4. Answer Yes to Did you sell or have your home foreclosed in 2022? on the Sale of Your Main Home screen
  5. Follow the instructions to enter your info

Please check the link below for information on what you can deduct:"

I sold my home, what can I deduct?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

2 Replies
MayaD
Expert Alumni

Did not receive a 1099-S and do not qualify for exemption

Yes, you must report the sale of the home if you can't exclude all of your capital gain from income even if you didn't receive Form1099-S.

If you don't meet the Eligibility Test, you may still qualify for a partial exclusion of gain. You can meet the requirements for a partial exclusion if the main reason for your home sale was a change in workplace location, a health issue, or an unforeseeable event. For more information please check: irs.gov

 

TurboTax will show you if your home sale is taxable, by following the instructions provided:

  1. Open or continue your return in TurboTax
  2. Search for home sale
  3. Select the Jump to link in the search results
  4. Answer Yes to Did you sell or have your home foreclosed in 2022? on the Sale of Your Main Home screen
  5. Follow the instructions to enter your info

Please check the link below for information on what you can deduct:"

I sold my home, what can I deduct?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Did not receive a 1099-S and do not qualify for exemption

Are you sure you do not have a 1099-S form in the pile of paperwork sent home with you at the closing ?

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