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Do I Need to File Form 1099-S?

Author: Brad Howland
First Posted: March 12, 2005

Question

"I Sold my House for less than $500,000. Do I Need to File Form 1099-S?"

Answer

You do not have to file Form 1099-S if you sell or exchange your principal residence for less than $250,000, or $500,000 when preparing your tax return using the "Married Filing Joint Return" status.

However, there is a requirement for the seller to provide an "acceptable written assurance" or certification. If there is no certification provided then the 1099-S must be filed.

The certification would include information to support the conclusion that the full gain on the sale is excludable from the seller's gross income, and would be obtained from the person responsible for closing the transaction.

You can read all the gory details on the IRS website at:

http://www.irs.gov/instructions/i1099s/ar02.html


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