That depends.
- You do not have to report anything on your taxes for the purchase of your new home.
- Regarding selling a home that you lived in for at least 2 years out of the last five years..
- You can exclude $250.000 if Single, or
- $500,000 if married
- If you don't qualify qualify for the exclusion must report the gain from the sale when they file their tax return.
- Taxpayers who receive Form 1099-S, Proceeds from Real Estate Transactions must report the sale on their tax return even if they have no taxable gain.
- Please see: Tax Aspects of Home Ownership: Selling a Home
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