Do you have to report the sale of your own home if the gain does not exceed the capital gain exclusion? I heard someone on another tax forum said before that you don't report it according to Publication 17. Is it correct? And will the IRS come to you a few years later if they don't find the transaction in your tax return because they receive a copy of the Form 1099-S for it?
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Not required
There was a thread posted on this a few weeks back http://www.thetaxbook.com/forums/sho...onal+residence. My software allows me to input all of the numbers, print the worksheet, and also place on Schedule showing the sale and the exclusion.
I like paper trails, so that is always what I do.
Sandy
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