Converting Rental Property to Personal Residence and subsequent Sale

[Richard Chang]

Hi all,

I was interested in finding out the IRS rules for converting a long held Rental Property to a personal residence and then sale down the road to take advantage of 250K/500K deduction (and any depreciation recapture would still apply). I know it's basically a 2 years residence out of the last 5 years.
But, I think this is for a property that started out as a personal residence ?

Any thoughts on this one ?

Would someone know a link to the specific Tax Code on this ? I couldn't find anything on www.irs.gov.

Thanks, LA Guy :D