Form 1099-S on Form 1040 for 2022 - Principal Residence Exclusion

Form 1099-S is filed by the closing agent to report the gross sales proceeds from the sale or disposition of real property by the seller. Form 1099-S is provided for all real estate sales, including the sales of your primary residence, rental property, second homes, vacation homes & commercial real estate.
The principal residence exclusion provides a single taxpayer up to $250,000 of gain exclusion, while married taxpayers receive a $500,000 exclusion.
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[@TruthFactFinder]

Thankyou for the explanation on how & where to put the exclusion of $250,000. It also helped when you added the capital expenses & selling fees to the original cost basis; arriving at an adjusted cost basis.... Thankyou very much.

[@cristycanter8514]

Finally I found a person that explains this matter very well.

[@zztops4504]

Very helpful. Was very confused over how to do this.

[@ub7943]

very helpful and clear. Good job

[@mohammadaliaari5481]

Thanks. Very helpful. In this example, if John was married and filing jointly, Form 8949 Line g would be (500,000)? or (318,550) to make column h zero?

[@nisw1918]

Do a video on inherited home and 1099s .

[@TruthFactFinder]

I'm guessing that the inherited home (assuming it is a primary residence, and you meet the criteria for a full exclusion of $250,000 (per person) $500,000 (MFJ), the application of these principles would be the same.

[@cristycanter8514]

Why IRS NEED TO KNOW ALL. THEY ARE MORE POWERFUL THAN THE GOVERNMENT ITSELF.

[@elizabethosorio5710]

Thank you, you explain very simple.

[@JasonDKnott]

Glad it helped!

[@gmorales1778]

What if you made no gains. Sold the house with a gift of equity to cover all costs. Made no money