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We bought a new house 2 years ago and moved out of our old house we owned and were living in for the 15 years prior. We didn't sell the old house and haven't rented it in the interim. We're now looking to sell it, and will end up with a profit.

First, you should understand the rule that will allow you to exempt $500k (if MFJ, which I assume you are, since you said 'we'; if not MFJ, then your exemption would be up to $250k) of the gain from taxation. You need to have owned the home for 2 out of the last 5 years, which you have. You also need to have lived in the house as your residence for 2 out of the last 5 years - so at this point, you have 1 more year left to sell the house. Details of the exemption are available in IRS Pub 523 - Selling your Home

Is this simple to report at tax time? I'm familiar with reporting stock gains, and am guessing this is analogous, but how specifically do I report the gain?

It's not difficult. Pub 523 has worksheets and directions on how to figure the basis, the capital gain, and how much (if any) of the gain is taxable. If none of your gain is taxable, you don't have to report it at all, unless you received a Form 1099-S, or you may want to sell your current house in the next 2 years, and you anticipate having a larger gain that you will want to claim the exemption for that gain instead of using it on the gain on your old house.

If you do need to report the gain, just follow the directions in IRS Pub 523. It will be reported on Form 8949, and then flow through to Schedule D.

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