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EdwardEwing60
Level 1

1099

 
1 Best answer

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DianeW777
Expert Alumni

1099

If you wouldn't mind clarifying for us a few more details, we have many experienced agents here to help you.   Some questions would be what type of Form 1099 (MISC, NEC, INT, DIV, B, or something else); whether you want to send one, or whether you received it and are unsure what to do with it on your tax return. We appreciate you and we want you to have a great experience.

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DianeW777
Expert Alumni

1099

If you wouldn't mind clarifying for us a few more details, we have many experienced agents here to help you.   Some questions would be what type of Form 1099 (MISC, NEC, INT, DIV, B, or something else); whether you want to send one, or whether you received it and are unsure what to do with it on your tax return. We appreciate you and we want you to have a great experience.

View solution in original post

ortizvm
New Member

1099

I checked on the bank website for a 1099-S and only the 1098 is listed.  Sold the home in May 2020.  What do I do next?

JohnB5677
Expert Alumni

1099

You do not need a 1099-S.  It is a record for the sale of investment property.  If you have sold your home there are some exclusions that will help you.

 

As long as you owned and lived in the home for two of the five years before the sale, up to $250,000 of profit is tax-free. And if you’re married and file a joint return, that amount doubles to $500,000. 

 

The two years do not have to be continuous.  You could occupy it for six months and qualify for the exclusion.

 

Be very sure on the dates you occupy it to ensure that that you've completed the entire two year period.

 

IRS Pub 523: Rules for sale of home

 

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