Capital gains taxes for condo in Boston

[Dave Ten]

Hi, folks. Re: capital gains taxes. My understanding is that if an owner occupies a condo for 2 yrs out of the 5 yrs preceding the date of sale, then he qualifies for capital gains exemption of up to $200,000 (or $250,000). Otherwise the tax is 25% (state 5%+fed 20%). Is this correct? Many thanks for any help on this. Best, Dave