“Don’t Let a Simple Oversight
Lead to IRS Complications”
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Selling your home can be an exciting milestone, but it also comes with important tax considerations. Did you know:
- If your home sale gains qualify for the $250,000/$500,000 exclusion, you might not need to report it. Even so, reporting when not required to do so can be a good decision.
- But if Form 1099-S is issued at closing, you must report the sale—even if you qualify for the $250,000/$500,000 exclusion and have no tax on the home sale.
Failure to report could lead to IRS assumptions of taxable gain, extended audit periods, or unnecessary penalties.
Our latest article explains when and why you need to report your home sale to the IRS, how to avoid pitfalls, and the forms you’ll need.
Take control of your home sale reporting and steer clear of IRS headaches!
CLICK HERE to read my completely new article titled:
“Tax-Free Home Sale: When and Why
You Need to Report to the IRS”