I understand that if you convert ahouse to a rental property, you LOSE the $250K ($500K if you are married) in tax exemption you get when you sell the house.

What is needed to get that exemption back? What are the rules - number of years to live in the house again, etc?

This question relates to property in California.

Many thanks.

MJ

You must live in the house for two years in last 5 years and must own it for two years in last 5 years.
Your U.S. Tax Return: Profit From the Sale of Your Home (http://taxipay.blogspot.com/2008/03/profit-from-sale-of-your-home.html)

Thanks!