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R
randy-gr
Level 1
April 14, 2023
Question

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.

  • April 14, 2023
  • 1 reply
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1 reply

BobKamman
BobKamman
Level 15
April 14, 2023

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.  

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