What are the rules to avoid capital gains on a personal residence

[Steven Byers]

Hello,

I'm new to real estate and have sold a house that I completed in August of 2016 and lived in for 2 years.

I am under the impression that I do not owe capital gains on the 95K spread.  However I had sold a previous house for no capital gains in 2015.  

I understood that you have to live in it for 2 years to avoid capital gains, but is there also a 5 year waiting period?

Thanks,

Steve