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- Will client have to file return since he received a 1099-S for home sale? He had no other income. Proceeds were $320,000 but gain under lifetime exclusion amount.
Will client have to file return since he received a 1099-S for home sale? He had no other income. Proceeds were $320,000 but gain under lifetime exclusion amount.
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randy-gr
Level 1
04-13-2023
11:43 PM
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1 Comment 1
BobKamman
Level 15
04-14-2023
01:09 AM
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No, he does not have to file a return. Some will speculate that it might be a good idea anyway, because IRS does not know he qualifies for the Section 121 exclusion, and might try to track him down through the infamous document-matching program. They might be right, but there is only one way to find out.
