Sold my primary home last year. Moreover, I filled form 475(f) for MTM election last year. Does the capital gain from home sale also gets taxed because of MTM election?

My local consultant said, since I elected for MTM, even the capital gain on primary residence ( rented for last 2 years), will be taxed as short term gain. I have lot of wash out sale from stocks last year which will offset my gains from stocks. However, if the gains from home sale are taxed then it would be a bummer. Please help.