Didn't receive a 1099 for possible Capital Gains from sell of restate

USA Discussion in 'General Tax Discussion' started by Dominick, Jan 9, 2018.

  1. Dominick

    Dominick

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    I bought a piece of land from a builder on 7/25/14 for $17,000. Then the builder built the house and I closed on house on 2/6/15 for 224,000. Then I sold the home on 11/14/16 for 251,000. My net gain after paying off the house and closing costs and commissions were $15,824. So technically I didn't live in the house 2 years, but I never received a 1099 for those capital gains last year. I didn't question it, because I was waiting to roll that money into a new house, which I did most of it. On 3/27/17, I bought a house and put $9,500 down on that house. Again I've gotten no letters from the IRS, but confused why I never received a 1099 for the money I made on that house. Should I question it, if so with who? Also between the time I bought the house on 2/6/15 and sold on 11/14/16, I did improvements to the house like a lawn because it was a new build, a 3rd lane into the driveway and window treatments, and applicances, which all went with the house.
     
    Dominick, Jan 9, 2018
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  2. Dominick

    Drmdcpa VIP Member

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    1099S is not required for such a small dollar amount. But you still need to report it on your return.
     
    Drmdcpa, Jan 9, 2018
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