No. But it has nothing to do with buying a new home. The old rule about about using the money from a home sale to but a new home went out in 1997.
The only requirement now is that you owned and lived in the home for at least 2 of the 5 years prior to sale. So, as long as you sell the house within 3 years of moving out, you may exclude the capital gain (up to $250,000; $500,000 married). This assumes you bought and moved in more than 5 years prior.
But you may not exclude the depreciation recapture from it being a rental. That will be taxed at ordinary income (not capital gain) tax rates. Depreciation recapture is required whether you actually claim depreciation, or not,while it was rented.
