@Onguard2000 said "it seems you can only have one primary residence to qualify for the capital gains exclusion"
That's a true statement, but it's not relevant.
Q, I’m wondering once I close on the new home, will I be taxed at the capital gains rate of 15% when going to sell my first home within a few months?
A. No. You never had two primary residences at the same time. Your first home was your primary residence for the 2+ years you lived in it, prior to your move to your new primary residence. It stopped being your primary residence, when you moved. That means you have 3 years, from the move out date to sell it and still qualify for the capital gain exclusion (to meet the 2 out of 5 years rule).
