Historically, the IRS had required all homeowners to complete and file IRS Form 2119, Sale of Your Home, in the year that they sell a home. Form 2119 is no longer required for 1998 and thereafter.

Instead, those who owe some tax on the sale of a principal residence will report the sale as short-term or long-term gain on Schedule D, Capital Gains and Losses. If you owned the home for up to one year, any non-exempt gain would be considered short-term gain taxable at ordinary rates. If you owned the home for more than one year, it would be taxed at the long-term rate.

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