Deductions & credits

Perhaps. If you qualify for the exclusion you do not.  However, if you don't qualify, or if you receive a 1099-S, you will have to post it on your tax return.

In general, to qualify for the exclusion, you must meet both the ownership test and the use test. 

• You're eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale. 
• You can meet the ownership and use tests during different 2-year periods. However, you must meet both tests during the 5-year period ending on the date of the sale. 
• Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. 
• Refer to Publication 523 for the complete eligibility requirements, limitations on the exclusion amount, and exceptions to the two-year rule.

If you receive a 1099-S reporting document  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. 

IRS Topic - Sale of Home

Tax Aspects of Home Ownership: Selling a Home

To post the sale of a home in TurboTax

1. When You’re in your tax return, click on the “Federal Taxes” tab
2. Select “Wages & Income”
3. Clic on the option  “I’ll choose what I work on”
4. Scroll down the screen until to come to the section “Less Common Income”
5. Choose “Sale of Home (gain or loss)” and select “start’

Make sure you answer all the questions correctly.