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Char
: Whether it's cash or otherwise, not in most cases.

Most taxpayers are no longer required to pay Personal Income Taxes on the gain on the sale of their principal residence, under a law that took effect Jan.1, 1998.

Generally, homeowners who owned and used their home as their principal residence for at least two of the five years prior to the date of sale will qualify for the exclusion on a sale of their home.



However, taxpayers are required to report the gain if they sold their home within two years of selling their previous residence. If the sale of their home was required by unforeseen circumstances (change of employment status or health), they could exclude the gain.
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