I forgot to include a 1099-S on my taxes this year, I’ve already received my refund.....do I have to file a 1040-x to amend my return even though I am exempt?

Question

AI accountant’s answer:

Yes, if you received a Form 1099-S, Proceeds from Real Estate Transactions, and you didn't include it on your original tax return, you should generally file an amended return using Form 1040-X, even if you believe you're exempt from paying taxes on the sale.

The IRS receives a copy of every 1099-S, so they know about the transaction. If you don't report it, the IRS may send you a notice about the unreported income. By filing an amended return, you can provide the necessary information and explain why the sale is not taxable.

Remember, it's not just about whether you owe tax or not. It's also about accurately reporting all your transactions to the IRS.

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