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Originally Posted by Nords
If you stay in the country home for two more full years then you can exclude another $500K cap gains on its sale too. This could be a huge number because you've presumably been depreciating this rental property for years and it's subject to recapture.
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However, to the extent you depreciated any rental property that was subsequently converted to your home, you will have to pay taxes at the 25% rate on the depreciation taken.
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