Capital Gains taxation question

[Kevin Joy]

Here is my situation. I bought house in 2007 and lived in it from 2007 to 2012.

In 2012, I bought a new construction and moved into it in August of 2012. I kept my other home and converted it to a rental.

I was thinking that in two years, I could sell my new construction home for a profit and move back into my rental home, keeping the gains from the new construction sale. I would then convert my rental back to my primary residence, obviously, and use some of the proceeds from the new construction sale to renovate my rental property.

Would I be subject to capital gains in this situation since the new construction home was never seasonal, a rental, or anything else? It was always just my primary residence.