The National Directory of Certified Public Accountants

Ask A CPA - Residence - My Home

Is My Sale Of A Residence Going To Be Reported To Me On Form 1099-S ?

The sale of a residence is usually reported on Form 1099-S by the attorney at the closing or sale of the property. It is not reported on Form 1099-S if the seller gives a written certification that the full amount of the gain on the sale qualifies for the exclusion. Currently you may exclude from income up to $250,000 ($500,000 for married filing jointly) of Gain realized on the sale or exchange of a residence if you owned and occupied it as a principal residence for at least 2 years out of the 5 years before the sale or exchange. Only taxable gains need to be reported on Schedule D. Form 2119 has been discontinued.

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