I sold my residence. How much is taxable and how do I report it?

A married couple owned and have lived in their principal residence for at least two years during the past 5 years period ending on the date of sale, filing a joint return can exclude up to $500,000 and a non-joint return can exclud $250,000.
Form 2119 (sale of residence) has been discontinued by the IRS. The taxable gain after the exclusion will be reported on Schedule D.
You cannot deduct a loss on the sale of your residence.