Sale of primary home 2020
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jgraham330
New Member

Sale of primary home 2020

Are you required to report a 1099-S if the sale of your home meets all the criteria for "non-reporting" (i.e. primary residence, lived in home at least 2 of last 5 years, "income" from sale of home does not exceed $500K for joint filing?

3 Replies
DoninGA
Level 15

Sale of primary home 2020

If you did not receive a Form 1099-S from the closing agent, closing attorney or the title company for the sale of your personal residence, there is nothing to enter concerning the Form 1099-S.  In most cases if the residence was never used as a rental and you owned and occupied the home at closing a Form 1099-S will not be issued.

 

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

Bsch4477
Level 15

Sale of primary home 2020

Yes. Since the IRS gets a copy of the 1099-S they will be looking for the reporting of that form on your return. Without your reporting of the gain exclusion the IRS would have no idea that you could exclude the gain. 

tagteam
Level 15

Sale of primary home 2020


@jgraham330 wrote:

Are you required to report a 1099-S if the sale of your home meets all the criteria for "non-reporting" (i.e. primary residence, lived in home at least 2 of last 5 years, "income" from sale of home does not exceed $500K for joint filing?


Yes. If you receive an informational income-reporting document, such as a Form 1099-S, you must report the sale of the home even if the gain from the sale is excludable.  


See https://www.irs.gov/taxtopics/tc701

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