Thanks. I am still a little confused by the 2year/5year deal. The paragraph below is something I have read in several places, and it seems I qualify for this scenario. is this not correct?
"The exclusion depends on the property being your residence, not an investment property. You must have lived in the home for a minimum of two out of the last five years immediately preceding the date of the sale.
The two years don't have to be consecutive and you don't actually have to live there on the date of the sale. You can live in the home for a year, rent it out for three years, then move back in for 12 months. The IRS figures that if you spent this much time under that roof, the home qualifies as your principal residence."
