Tax impli's of Converting Pri to Rental?

[Chris Franklin]

Hello, thank you for reading and answering this Q.

I want to convert my primary SFR to a rental, longterm, selling after aprx 8-10 years

bought at 280k /owned for 10 yrs. Worth today about 560k. Filing as single, unmarried.

I believe after 3 yrs (2/5 rule) i may loose my 250 tax exemption, but do i retain some type or amount of tax exemption at the amount the property is worth at the time of the conversion to a rental, ie: Is my new tax base the value of the home at the time of conversion? or will i get some type of credit lessening the Capitol gains hit because the prop was my pri res for 10 years? The answer will effect weather i sell it, as i'm buying a new primary, or the preferred route of renting it out, then selling it later to take advantage of 10 yrs of appreciation to then help payoff my new mortgage?