We did a simultaneous closing on a home we sold an...
We did a simultaneous closing on a home we sold and one we bought in Spring of 2018. Everything seemed to go smoothly until we got a tax bill over two and a half years later for almost $250,000! TitleOne had sent the IRS a 1099 on the sale of our house since it was over $500,000. We had bought and sold houses before but this was the first over 500K. This is standard procedure, I understand that now. But why weren't we told or at least given a copy of the 1099? We don't owe the taxes because we lived in the house for 19 years but we are still dealing with the IRS to get this cleared up.