When you sell the home that was your primary residence you can exclude up to $250,000 in capital gains on the sale of the primary residences, or up to $500,000 if married and filing a joint return. Anything over the $500,00 profit would result in capital gains.
When you sell a rental property, you pay back all of the depreciation that you have taken, so there is no tax advantage to waiting for the end of the depreciation period.
