5 year lookback period - Non Qualified Use Question

[Greg W.]

I have a non-qualified use question that's very specific:

We relocated our family to the Midwest and we rented out our primary residence in Orange County on Feb 1, 2021. It has been rented to the same family since that date. So as of today it's been a rental for 3year and a month.

It's being discussed to cut it loose and sell it. With a ton of equity, and by all means, we are wanting to take advantage of the 500k tax exclusion if possible.

There is also a probability that we will move back into this home in the future, let's say in a few years or so. We'd come back and fix it back up again and then eventually sell it as it will not be our forever home.

The question is... if we move back into it, how long will we need to live in it to re-qualify for the tax exclusion? Is it as simple as just living in it for 2 of the last five years?

I hope this is clear - 

Please advise, and much appreciated.