The IRS rules that KrisD15 quoted above indicate that both sales must be reported together for the calculation of ONE exemption amount.
Did you report the sale of your residence last year? If so, it would have been under the exemption amount, had no tax effect and wasn't reported on your return. (Even if you didn't attempt to report it, it was non-taxable.)
For that reason, you should report both sales combined on your current year return. Any amount over the exemption will be taxed at the capital gains rate.
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