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Level 2

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.

 
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Employee Tax Expert

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.

Gain exclusion:

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,
  • You have a gain and choose not to exclude it, or
  • You have a loss and received a Form 1099-S.

Sale of main home 

IRS pub 523