Report or not -sale of Primary residence

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  • gman
    Senior Member
    • Dec 2005
    • 676
    #1

    Report or not -sale of Primary residence

    How many of you report the sale of primary residence when the exclusion applies. What if taxpayer recieved a 1099?
    Tags: None
    • ChEAr$
      Senior Member
      • Dec 2005
      • 3872
      #2
      Originally posted by gman
      How many of you report the sale of primary residence when the exclusion applies. What if taxpayer recieved a 1099?
      Should client receive a 1099, you'd better report it; or else. (grin

      Otherwise, no reporting required.
      ChEAr$,
      Harlan Lunsford, EA n LA

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        • taxea
          Senior Member
          • Nov 2005
          • 4292
          #3
          The reporting rule changed recently. Chears is right a 1099s requires it be reported or the IRS will send a cp2000 letter.
          Believe nothing you have not personally researched and verified.

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