What is the source of date of sale of the home, if I want to compute whether it fulfils the condition of being the long term capital gains ?
Form 1099-S, Proceeds From Real Estate Transactions, provide the date of sale in box 1 (See image below).
In case, you didn’t receive Form 1099-S, or the date is not given in box-1 for “Date of Closing” , then anyone of the earliest date given below can be taken as closing date
- Date of transfer of the title of property or
- The date the economic burdens and benefits of ownership shifted to the buyer.