re: Turning your primary residence into a rental question

I bought it as a short sale 3 years ago and I've been lucky so its increased in value about 25%, give or take 5% minus closing costs additionally.

I'm idiot though I was thinking my capital gains tax was on the entire purchase and not just my gain. Do capital gains start from the time I bought it? I'd assume yes, and not just the time it stopped being my primary right? So realistically if I rent it for 5 years at about 3% depreciation a year that will negate my 15% long term capital gains tax right? I mean roughly of course?