If you sold or exchanged a residence in 2022, you may need to report the transaction to the IRS via Form 1099-S. If you incurred a gain of over $250,000.00 individually or $500,000.00 for married couples, you will be required to report this to the IRS and you will be responsible for any capital gains taxes therefrom. Other considerations include whether or not the residence was your principal residence or whether it was a 1031 exchange. Speak with your real estate attorney if you have questions as to whether or not you are required to file IRS Form 1099-S.
-Emily A. Helmick, Esq.