Do I need to amend if I didn't fill out 1099S and we are within exemption level

Jim-Bob-61 · ‎February 23, 2023

Sent off my taxes the other day and it dawned on me that the Escrow Company didn't send me a 1099S when I sold my house last year. I went back through Turbo Tax to amend and after putting in all the information, we fell just within the $500,000 exemption for gains (Married and $491k gain). When I finished, Turbo Tax said it didn't note any changes from my original. Since we are within the exemption, do I still send in the amended return with an explanation? Thanks in advance.

Jim

MayaD · ‎February 23, 2023

Yes,. The IRS will receive a copy of the 1099-S form. If you don't report it you will get a letter from them.

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Do I need to amend if I didn't fill out 1099S and we are within exemption level