Cap gain tax on primary residence if held less than 1 year

[Rob Golob]

Please confirm for me.

First time home purchase for primary residence in August 2020.

Owner thinks its a good time to sell and sit on the sidelines. and will sell now and not roll the gain into another residence.  Will rent.

I believe it is NOT exempt from any Cap Gain (2 of 5 year rule)

Furthermore, if held less than 1 year it will be Short term Cap Gain.

If held over 1 year, Long term Cap Gain.

If held over 2 years (and lived in) Exemption applies.

Yes / no / maybe?

Thanks