I've lived in my current home as a renter (and as my primary residence) since July 2014. In October 2016 we had the opportunity to purchase the home and signed papers that same month.

If we sell the house within the next 6 months to a year, will we owe capital gains?

All my research says that it must have been your primary residence for 2 out of the last 5 years, but I'm getting mixed results about whether or not it has to have been owned during those 5 years.

We would expect to make under 50k capital gains off of the sale, with a sales price of 225-275. My household income between me and my wife is approximately 65k.