Primary Residence turned into Rental

[Marty Summers]

Hey Everyone,

We have just moved into another home recently.  We lived in our recent Residence for 12 years.  I am considering renting out my old home and understand that we will lose our mortgage exemptions on taxes. 

However, Can anyone tell me if I turn my old Primary residence into a rental, do I lose the ability to sell my home "without" paying capital gains from where I purchased it 12 years ago?

Thanks much!

-Marty