Client received a 1099S for sale of home $26,500. Only other income is social security.
Although she is now an Arkansas resident, the home sale was in Illinois. It meets requirements for exclusion from federal tax. I have hunted on the Illinois website and in All States book. The only thing for federal affecting taxes is the Telephone rebate. Questions unanswered are:
1. Does Illinois follow the federal home sale exclusion?
2. This was the only transaction in Illinois - Does any paperwork need to be done for Illinois?
As usual, thanks for your help.
LT
Although she is now an Arkansas resident, the home sale was in Illinois. It meets requirements for exclusion from federal tax. I have hunted on the Illinois website and in All States book. The only thing for federal affecting taxes is the Telephone rebate. Questions unanswered are:
1. Does Illinois follow the federal home sale exclusion?
2. This was the only transaction in Illinois - Does any paperwork need to be done for Illinois?
As usual, thanks for your help.
LT
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