Capital Gains Exemption Fractional Ownership

[David F.]

I own a home I've lived in the last 3 years as my primary residence.  It's in an area where it would work well as a vacation rental.  I'm considering offering a fractional ownership share of it. My questions are as follows:

1) Can I claim the capital gains exemption on the proceeds if I sell a 1/3 share of the home but continue to live in it as my primary residence, occupying it the other 8 months of the year?

2) If so, would my exemption be limited to 1/3 of the $500K limit since that's the portion of the property sold, or would I be able to claim up to the $500K maximum exemption?

Thanks in advance.