Home Sale

[DBean]

I purchased a home in 2015 for 305K and sold it in 2025 for 550k will I receive a 1099 S or do I need to report it

[xmasbaby0]

We cannot tell you if you will receive a 1099S----that is a question for the realtor or closing attorney.

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

• If you are using online TT, you need Premium software to report the 1099-S

[MinhT1]

If you have lived in the home for at least 2 years in the last 5 years prior to the sale, you are eligible for a capital gain exclusion of $250,000 ($500,000 if Married filing jointly.

You do not need to report it if you do not receive a form 1099-S. Otherwise, you'll have to report it but are still eligible for the exclusion if you qualify. 

Please read this IRS document for more information.