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You don't have to report Form 1099-S if your proceeds from the sale of your personal residence isn't taxable. The three requirements that you must meet to exclude the income from the sale of your primary residence are:
If you meet these requirements, you don't have to pay taxes on the first $250,000 (500,000 if you are married and file a joint tax return). If your profit is more than $250,000 ($500,000 if MFJ) then, the excess is reported on Schedule D as a capital gain.
For additional information, refer to the TurboTax article Tax Aspects of Home Ownership: Selling a Home and the IRS article Topic no. 701, Sale of your home.
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