People who sold their homes in 2023, after living in them for a while and enjoying their low mortgage rates, have seen big gains in their property values. Fortunately, most of these gains won’t be taxed.
If you sold a home in 2023, your lender or broker may give you Form 1099-S. Federal law requires the party responsible for closing your deal (this could be an escrow agent or title company) to send these forms out, filled in with the closing date and proceeds of the sale.
Form 1099-S only needs to be sent to sellers who have taxable gains to report on their 2023 returns. Read on to find out why most home sellers won’t have to report their home sale to the IRS! (You still may choose to report the sale on your return, even if not required.)
Continue reading “Capital Gains: Were Profits on Your 2023 Home Sale EXEMPT? Head Form 1099-S Off at the Pass.”