Message Font: Serif | Sans-Serif
 
No. of Recommendations: 6
Yes, I have a 1099-s

If you got a 1099-S, you do have to report the sale. But if all of the other assumptions were true, your gain is totally excludable, so there won't be any impact to your taxes.

It will need to be reported on Form 8949, with Box F (Long term gain not reported to you on a 1099-B) checked. If you are using an interview in software to do your taxes, you should be able to query it for "1099-S" or "Sale of Home" to get you to the part of the interview where you can enter the information. The interview questions should lead you through the process.

Once you get done with the interview, or if you aren't using the interview process, you should go to Form 8949. The sale of your home should be listed in the section for Long-Term Capital Gains, with Box F (Long-term gain not reported to you on a 1099-B) checked.
- Column A should have the address of the home you sold;
- Column B should have the date you moved in, or if you were living there while building, the date you got your Certificate of Occupancy would probably be a reasonable substitute;
- Column C should have the date you closed on the sale;
- Column D should have the sales price;
- Column E should have your cost basis, but since you don't have the documentation handy, you can just put that as $0 - it's not going to matter since the sales price is less than $250k anyway;
- Column F should have the letter H - that's the code for excludable gain for selling the house;
- Column G should have the amount in column E minus the amount in column D entered as a negative number - if you entered 0 for your cost basis, it will be the sales price in parentheses;
- Column H should have $0

AJ
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.