client received 1099S with $150,000 selling price for sale of personal residence and qualifies for the exclusion. do you just ignore it and not report it? which is what i had intended to do until i found the 1099S mixed in his papers.
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My Software
I always report sale of personal residence with or without 1099S form. My software allows to input the data and then will print the exclusion Sect 121 on Schedule D. At least I know that I might have addressed the issue of reporting to the IRS computer, and have hopefully avoided a future notice from IRS.
Sandy -
taxmom
I report the sale with or without the 1099 as Sandy does. I like to do that as it helps me keep track of clients selling homes here in CA like they are pouring another cup of coffee (not so much now). In the past, I caught two clients that sold the next residence too soon.
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