Hi,
We moved from our primary residence (single family home) where we lived for 3+ years in NY to NJ.
Rented out NY home (Aug 2020) and bought a new home in NJ (new primary residence since 2021).
If we sell NY house, the "profit" from selling house, would obviously entail capital gain tax.
Would that be exempted under '26 U.S. Code § 121 - Exclusion of gain from sale of principal residence' ?