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    1099-s

    Pat sells her condo in midtown Manhattan in mid 2013 for 550K. Pat didn't get a 1099-S from the closing and calls Citibank (who did the closing) and Citi says no 1099-S was issued. IF this is true, why would that be so?

    #2
    Originally posted by taxriv View Post
    Pat sells her condo in midtown Manhattan in mid 2013 for 550K. Pat didn't get a 1099-S from the closing and calls Citibank (who did the closing) and Citi says no 1099-S was issued. IF this is true, why would that be so?
    Check the 1099-S instructions

    They can omit the 1099-S if the sellers certify the gain, if any, can be excluded under section 121 (sale of main home), but only if the sale price is less than the $250K/$500K limit as appropriate. Perhaps they mistakenly only applied the first part, ignoring the limit.

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      #3
      Or it's in the big pile of papers she got at closing, which is common here in CA.

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        #4
        I thought I read somewhere that the HUD-1 could be a substitute 1099-S. How they transmit this to the IRS is beyond me.

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