Is it unusual not receive a 1099 S form for the sale of your home? Is is typically sent by closing attorney? Should we request one.
It is not unusual to not receive a 1099-S form. You can ask the closing attorney if one is being sent, but do not request one if its not needed. If you receive the form, you must enter the sale on your tax return. If you don't receive the form and you qualify for gain exclusion (see below), then the sale does not need to be entered on your return.
You may qualify to
exclude from income all or part of any gain from the sale of your primary
residence if you meet ownership and use tests. This means for
the 5-year period ending with the sale of the home, you lived in it as your
main home and you owned it for 2 years.
If you meet both
tests, you may exclude up to $250,000 ($500,000 on joint returns) of gain from
your income, and you would not report it on your return.
Do not report the sale
of your main home on your tax return unless:
You have a gain and do not
qualify to exclude all of it,