It depends--but in most cases, no. Under the Taxpayer Relief Act of 1997, when you sell your home you get the first $500,000 tax-free on a joint return, or $250,000 for a single return. To qualify, you must have used your home as your primary residence for at least two years out of the last five years. The tax-free profit can be used for an unlimited number of times during your life but no more than once every two years.