sale of primary home

[tncnm005]

We have sold our primary home and have a gain.  We are married and have enough improvements to offset the gain of $500k.  We have not received any documentation (1099?) from the transaction.  Do we have to report the sale on our income tax return if nothing received?

[Bsch4477]

If you have no gain on the sale and didn’t receive 1099-S you don’t have to report the transaction. 

[DoninGA]

If you have a gain on the sale of your personal residence over the exclusion amount you are required to report the sale and the gain on your federal tax return for the year of the sale.

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premium edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return.

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home

[tncnm005]

who would be responsible to send the 1099s form?

[DoninGA]

A Form 1099-S is normally not required on the sale of a personal residence if never used as a rental or in a business.  The closing attorney would be the one responsible for the Form 1099-S if required.

[Hal_Al]

Q. Who would be responsible to send the 1099s form?

A. The closing agent.

The 1099-S is usually part of your closing papers. That is, it is not sent to in January of the next year,  like other tax documents are.  Sometimes, you will not get a 1099-S, if the closing agent knows none of it is taxable.