Questions for a CPA - Selling Personal Property and Tax Liability

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I have what I think is a two-part question.  So here is the scenario and hopefully it makes sense.

If someone were coming into money from the proceeds of their primary residence (qualifying within the 3/5 years occupancy exemption) I've come to understand that there is a $250,000 exemption for the sale that I can utilize and essentially not pay taxes?  T/F?  

Given that I have owned the property since June 2014 and it will have been rented for 11 months of the 46 total months of ownership (the last 11 months), I have come to understand that I will be essentially be "prorated" in my time of rental versus ownership and that amount would be deducted from $250,000 exemption for sale of personal property (ie. 11/46 = 23.9%; 23% of $250,000 = $59,750; $250,00 - $59,750 = $190,250). So as long as my total proceeds don't exceed $190,250, I can essentially claim the exemption and not owe taxes on that money? (I understand the money from my rental income will be taxed accordingly and minus the depreciation I can claim and other related expenses, I'm ultimately responsible for that tax liability).

Let's say the sale from a property would gross $150,000 before any payments of closing costs or agents fees, and after all required fees, taxes, etc. were settled, the net amount was $120,000, What number does the tax liability come from (may be a stupid question. just wanted exact clarification) the $150 or the $120? And is the above scenario true? Is that the way the personal property sale exemption works? If not, how does it actually work? And what is the maximum tax liability I met have on the sale of that property (excluding all other factors like personal income and such)? If I take the proceeds and use some for personal debt and take the remainder and invest in my own LLC to start buying and improving more properties, what does that mean? What exemptions do I have at that point?

I guess it's more than a two-part question.  But I'm willing to do what's necessary to get with a licensed CPA for a consult.  I have more than a few questions.  But hopefully someone can answer a few of these to get me started.  

Thanks in advance.

Close....the fact that you’ve rented it for say a year, has No effect on your cap gains exemption......you get the full $250k.  A proration comes into play in Other circumstances, not yours(non qualified use if you rented the property Before you lived in for the two years).

However you will be taking depreciation as it is a rental property 1/27th per year of the building portion/value, not including the land value (typically like a 80/20% ratio) for the time is actually a rental.  The value you use for the depreciation will likely be what you bought the property for, along with any major improvements (Actually it is the Lower of your cost Or current value).

You will take the depreciation deduction for however long it is rented, then you have to repay back tax on that depreciation amount taken when you sell, at your tax rate, max 25%.  Again, this does not affect your $250k section 121 exemption at all.

BTW, Personal Property is usually something other than Real Property....but I know you were using that in reference to your Primary Residence.