capital gain when converting rental property

[Yoon Seokwoo]

I live in my current hosue more than 2 years. If I convert my house to rental property and sell it within 3 years, do I have to pay some capital gain? 

[Wayne Brooks]

@Nathan Gesner You missed that he’ll get the 121 exclusion.

@Yoon Seokwoo Yes, you are correct.  You won’t pay cap gains tax but you’ll pay some recapture tax on depreciation, but the amount you’ll pay tax on will match the amount of depreciation you deducted while it was a rental....basically a wash.