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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