Selling home – cap gains question?

Tips and Deals Forums Buying Your Home Buying Your Home Selling home – cap gains question?

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    I am in the process of selling my home that I have owned for 5 and half years. We stayed in the home for the 1st 3.5 years, and then rented it for 2 years. If I understand the law correctly, as long as I have lived in the place for more than 2 years in the last 5, I do not have to pay any taxes on the cap gains, correct?

    When filing my taxes last year, I did claim the regular depreciation that you can on rental properties. I assume that in no way impacts the cap gains issue, or does it?

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