Selling Rental Property, Tax advice?

[James Slaughter]

I own a townhouse that I moved out of in December 2012, and current tenant is purchasing next month.  Since I have not lived there two of the last 5 years, am I correct that I will have to pay capital gains on the difference between what I purchased property for and what I am selling it for?  The property has only been a rental for about 2.5 years, but I don't believe that changes anything.

The difference between what I purchased it for and reselling it for is around 15K (after agent commission).  Not a huge profit but I would obviously like to keep and reinvest as much as possible.  Going to research 1099's since I plan on reinvesting in real estate, but any BP advice greatly appreciated!