As long as the property is held for a minimum of 5 years and the 2 year residency is met, a proportionate amount of the gain can be excluded, but the depreciation must be recaptured. (Codified in 2008 and more specifically in {I think} 2016). If you own the property for 6 years after the exchange and live in it for 4, you can use 2/3 of the 121 exclusion.

I know how to calculate the amount of the exclusion, I was just surprised that there's no way to get the software to assist.