It depends. If you have not lived in the home as a primary residence in 2 of the last 5 years, then you will need to report the sale of the home. Any profit will be taxed as Capital Gains because this home is not being rented. (Capital Gains is a more favorable tax bracket than ordinary income). Here is an FAQ to assist you with instructions on how to enter this: https://ttlc.intuit.com/replies/4241480
However, if you did live in the home in two of the last five years, you may be able to exclude the gain from your return. This additional FAQ will provide you with information that can help you to determine this: https://ttlc.intuit.com/replies/3300213
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