Question regarding Section 121 Exclusion

[Alex Freelove]

Hello!

I have a question regarding the Section 121 Exclusion. Im considering selling my “primary residence “ that I have lived in for two years and have rented out for one year. I’ve got 100k in equity.

Is it true that you only get the benefit only once in your lifetime or are you able to use this exemption once every two years? I’m trying to avoid paying capital gains tax which I believe I qualify for but have been told that your only allowed this exemption ONE TIME in your life. My research says that you are able to do this once every two years.

Any CPA’s in the group able to shed some insight?