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After you sell your house, you don't need to immediately report the sale to the IRS. Rest assured, however, that the IRS knows of the sale because the firm that handles the closing (typically an escrow company) reports the financial details of the sale on Form 1099-S, Proceeds From Real Estate Transaction, if required. You should receive a copy of this form, as well. Form 1099-S must be filed to report the sale of real estate unless the sale price is less than or equal to $250,000 ($500,000 or less for married couples) and all the sellers provide written certification that the full gain on the sale isn't subject to taxation.
