It depends. Here's what the IRS has to say about that:
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Reporting the Sale
If you receive an informational income-reporting document such as Form 1099-S.pdf, 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. Use Form 1040, Schedule D.pdf, Capital Gains and Losses, and Form 8949.pdf, Sales and Other Dispositions of Capital Assets, when required to report the home sale. Refer to Publication 523 for the rules on reporting your sale on your income tax return.
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If you need to report the sale and the full amount of the gain is excludable, simply set the basis equal to the proceeds and indicate that the house being sold is your personal main residence.
Tom Young
