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?
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Originally posted by taxriv View PostPat 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?
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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