Two single people each owning their own residential homes for which they resided in for the last 3-4 years prior to marrying each other in 2013. Both had gains of less then $20K each. This obviously would have fallen under the exclusion of gain, correct? If no 1099-S is issued for either sale, should I even report it?
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Excluded Gain
On this fact pattern, you would have to figure the exclusion separately for each spouse, with a maximum of $250K each. But the gain for each spouse would still qualify for exclusion. So, no, it should not be reported if they do not receive Form 1099-S.
BMKBurton M. Koss
koss@usakoss.net
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The map is not the territory...
and the instruction book is not the process.
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