Mar 292006
A document required by the Internal Revenue Service that reports the selling of a home and provides certain financial data related to the sale. Required by the tax law of 1986, it is generally prepared by a lender or title company. If the sale price is $250,000 or below ($500,000 for married couples filing jointly), and certain other requirements are met, reporting has not been required since the home sale exclusion rules were enacted in 1997.
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