1099s

Forum|Forum|4 years ago
April 26, 2022
2 replies
16 views

My cousin and I purchased a home together, and it’s our primary residence. We are both listed on the deed. We’ve lived there for almost 3 years. I’m going to be selling my share of the home to her boyfriend. If I sell for 150k, do I need to file a 1099s? Or would this be not reportable because it’s less than 250k?

Thank you in advance,

Not A Product Question

Critter-3

Level 15

If a 1099-S is issued to you at the closing then you must report the sale even if you can exclude all of the income. Ask your attorney or closing company if a 1099-S will be issued to you.

Hal_Al

Level 15

Q. If I sell for 150k, do I need to file a 1099s? Or would this be not reportable because it’s less than 250k?

A. Technically, you do not need to file since you meet the rules for the home sale exclusion (lived in 2+ years and less than $250Kcapital gain).

From a practical standpoint, if you get a 1099-S (usually in your closing papers and not sent to you the following January) you should file it to avoid an IRS letter. The TurboTax interview handles this properly so the capital gain is excluded.

Carl

Level 11

The 1099-S is not "filed" with any tax return. That form is issued to the buyer, typically by the seller's lender. A copy of that form is also sent to the IRS.

If you receive a 1099-S, then you are required to report the sale "no" "matter" "what".