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Do I have to report my 1099 s

Forum|Forum|7 years ago
June 4, 2019
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I read where you only have to report if your gains were more then $500,000 filing jointly. My home sold for $469,000, so I obviously didn't exceed the 500K.

But since Chicago Title sent me a 1099 s, does that mean the IRS got one also and are looking for me to file? Am I ok not to file?

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Best answer by TomK2023

Yes, you must report your 1099-S.

Pub 523 (pg. 16): https://www.irs.gov/pub/irs-pdf/p523.pdf

Reporting Gain or Loss on Your Home Sale

Determine whether you need to report the gain from your home. You need to report the gain if ANY of the following is true.

You have taxable gain on your home sale (or on the residential portion of your property if you made separate calculations for home and business) and do not qualify to exclude.
You received Form 1099-S. If so, you must report the sale even if you have no taxable gain to report.
You wish to report your gain as taxable gain even though some or all of it is eligible for exclusion. You may wish to do this if, for example, you plan to sell another property that qualifies as a home within the next two years, and that property is likely to have a larger gain. If you choose to report, rather than exclude, your taxable gain, you can go back later and undo that choice by filing an amended return, but only within 3 calendar years after the year of sale.

Please see this TurboTax FAQ for instructions on how to file your 1099-S (Proceeds From Real Estate Transactions): https://ttlc.intuit.com/replies/3302480

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TomK2023Answer

Yes, you must report your 1099-S.

Pub 523 (pg. 16): https://www.irs.gov/pub/irs-pdf/p523.pdf

Reporting Gain or Loss on Your Home Sale

Determine whether you need to report the gain from your home. You need to report the gain if ANY of the following is true.

You have taxable gain on your home sale (or on the residential portion of your property if you made separate calculations for home and business) and do not qualify to exclude.
You received Form 1099-S. If so, you must report the sale even if you have no taxable gain to report.
You wish to report your gain as taxable gain even though some or all of it is eligible for exclusion. You may wish to do this if, for example, you plan to sell another property that qualifies as a home within the next two years, and that property is likely to have a larger gain. If you choose to report, rather than exclude, your taxable gain, you can go back later and undo that choice by filing an amended return, but only within 3 calendar years after the year of sale.

Please see this TurboTax FAQ for instructions on how to file your 1099-S (Proceeds From Real Estate Transactions): https://ttlc.intuit.com/replies/3302480

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greener6095

So if this person reports the Form 1099-S, wouldn't the IRS assume this person was opting to choose to pay these taxes (perhaps assuming this person maybe wanted to use the exclusion on a different property or something)? In other words, how do you communicate to the IRS that you meet the requirements of the exclusion and want to take it when you report the Form 1099-S?