Question regarding sale of rental property that I previously used as home

[Audio82]

I have a question regarding the sale of a rental property that I previously lived in. I started renting it out in May 2022 and am looking to sell the property this summer. From what I understand is that I would need to file a section 1250 recapture of the depreciation from renting it out the last 2 years  and then the remaining capital gains would then be tax free because I would still qualify for the 2 out of the last 5 years. Is this correct? 

Also the section 1250 recapture would be the full depreciation that I claimed for 2 years or is it only considering the depreciation I claimed minus the straight line depreciation that would be added to my ordinary income?

Thank you.

[M-MTax]

Residential rental real estate is subject to straight-line depreciation only and that's what is recaptured.

[M-MTax]

Otherwise you're correct about the recapture and home sale exclusion. You still get it because of the 2 out of the last 5 rule but depreciation is excluded and that's taxed at a different rate (0-25%).

[Audio82]

Appreciate the feedback, thank you!