Hello, thanks for joining us today!
Congrats! You would report a sale of home on your tax return. Generally, you may exclude the gain from the sale of your personal residence if you meet the certain criteria. If you receive an informational income-reporting document such as Form 1099-S, Proceeds From Real Estate Transactions, you must report the sale of the home even if the gain from the sale is excludable. Additionally, you must report the sale of the home if you can't exclude all of your capital gain from income.
If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse. Publication 523, Selling Your Home provides rules and worksheets. Topic No. 409 covers general capital gain and loss information.
Reference link: https://www.irs.gov/taxtopics/tc701
