121 Exclusion

[Vincent N]

Hi everyone. I have a quick question. As I understand it, if I lived in my primary residence for 2 out of the last 5 years, I would not be taxed for the capital gains from the sale of my home for up to $250k if I'm single & $500k if I'm married.

I was planning on selling my current primary residence now, which I have owned and lived in for only two years, in order to take advantage of my 121 exclusion. However, my accountant says I have to own the property (either as a rental or an owner occupant) for an additional 3 years (for a total of 5 years) before I can claim a 121 exclusion. Which of us is correct?