You should consult at CPA. There were some recent tax law changes regarding rental property that they can help you understand. Usually for homes that were rental property before January 1, 2009, the rule was that you could re-occupy the home for the 'right reasons'. Your CPA will have a list of those reasons.
To be able to claim the property as your personal residence the test is called the "THREE YEAR RULE"--is that your address three out of the least five years? So IMHO that would mean you'd need to live in the property another 2 years.
Depending on the Home and its location in Lenoir city , condition of the house and other criteria and information you might provide, you could make a good profit tommorrow. Our area continues to be an active market and ther is not enough inventory on the market at the present time. I am currently working with three sets of Buyers Looking in Loudon County and would prefer Lenoir City. I would suggest an appointment with a Realtor to help you determine your Homes ability to sell in the price range your house is in. If I can be of any help please do not hesitate to contact me. Thanks,
Realtor Affiliate Broker
Jasmine S. Williams
RE/MAXÂ® Dallas, TX