12/02/2025
🚨 Home Sellers & Tax Time: What You Need to Know About 1099-S 🚨
If you sold a home last year, you might receive a 1099-S form in the mail by February 15. Here’s what you need to know:
📌 What is a 1099-S?
It’s an IRS form used to report real estate sale proceeds.
📌 Who sends it?
Typically, the settlement agent, title company, or attorney handling the closing.
📌 Why does it matter?
The IRS uses it to track capital gains taxes on real estate sales.
📌 What should sellers do?
Keep it for tax filing.
Consult your tax professional to determine if you owe capital gains tax or qualify for an exclusion (like the $250K/$500K home sale exclusion).
💡 Not sure if you should have received one? Check with your closing agent!
