You’ll likely receive the tax information about the sale of your home in a 1099-S type, and you may report your final gain — with that $500,000/$250,000 exclusion — on IRS Form 8949. If you don’t receive a 1099-S form and your profit on the house is less than the exclusion, you need not report the sale in your taxes in any respect. All Americans obtain this tax exclusion regardless of their age and how many instances they’ve benefited from it earlier than.
- House was among the top 10 sequence within the United States from its second via fourth seasons.