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What will I be taxed on the sale of property?

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I sold my rental property in 2006 and made $120,000 profit from the sale. Since I have never lived there am I eligible to exclude up to $250,000 of the gain on the sale of the property? If not, I assume and understand my profit will be taxed (capital gain). Am I right? What kind of tax forms do I need? I have been unsuccessful in locating clear answers to my questions. Please help. Thank you.