What are the 1099 filing exemptions for the sale of real property in Connecticut?
In order to sign the waiver and not report any information about the sale to the IRS, a seller has to be able to state that they:
~ owned and used the residence as their principal residence for at least 2 of the past 5 years
~ have not sold or exchanged another principal residence in the past 2 years
~ have not used any portion of the residence for business or rental purposes after May 6, 1997
~ did not acquire the residence in a 1031 exchange in the past 5 years
~ the sale price is less than $250,000 for a single person or $500,000 for a married couple and the gain on the sale is less than $250,000
Tawana Bourne, Broker - REALTOR® - Investor
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