Question 1

When is Form 1099-S issued?

Accepted Answer

Whenever real estate is sold or exchanged, unless the transaction qualifies for an exception, such as a sale of a principal residence for $250,000 or less in gain ($500,000 for married filing jointly).

Question 2

Where do I report real estate sale proceeds?

Accepted Answer

Report on Schedule D and Form 8949. If the property was your principal residence and you qualify for the exclusion, you may not owe tax on the gain.

Question 3

What is the principal residence exclusion?

Accepted Answer

You can exclude up to $250,000 of gain ($500,000 if married filing jointly) on the sale of your main home if you owned and lived in it for at least 2 of the 5 years before the sale.

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