Won't have access to expense data until after tax deadline. Will I need to send in an amended tax form or just keep the info for future tax basis?
If you received a 1099S, you are required to report the sale, even if you end up with no taxable gain. The reason is that the proceeds are large enough for you to possibly have a taxable gain and the IRS does not not know your coat basis or your eligibility for exclusion until you tell them. You wouldn't need to amend unless the selling costs actually cause the difference between paying tax or not.
No. It is a 1098 that lists the sale price of our home. All I want to know is whether we need to submit the adjusted cost basis to the IRS somewhere on our tax return or whether we just need to keep it for the future when our profits from another sale bring us over the $500K threshold.
Sorry, it is a 1099S. The 1098 is the loan interest.
If you received a 1099S, you are required to report the sale, even if you end up with no taxable gain. The reason is that the proceeds are large enough for you to possibly have a taxable gain and the IRS does not not know your coat basis or your eligibility for exclusion until you tell them. You wouldn't need to amend unless the selling costs actually cause the difference between paying tax or not.