If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).
Gain or Loss = Sales Price minus Sales Expenses minus Adjusted Basis (Purchase Price plus the cost of improvements prior to the sale)
@nockonwood it depends!
if you were issued a 1099-S form by the closing agent, then you must report the sale (and then deduct it due to the capital gains exclusion). Closing agents are not required to issue the form if the sale was under $250,000 but some do.
if you were not issued a 1099-S form there is no need to report it.