You can’t exclude the gain on both homes since the sales occurred less than two years apart. If both homes meet the definition of being your primary residence for at least 24 months, then it is OK to use the exclusion on the home with the greater gain.
I also believe that each spouse could exclude the gain on one of the homes up to $250,000. In other words, you each use your individual gain limit on the two different homes, rather than combining them on one home. This requires that each spouse meet the ownership and residency rule for the home that they are using to claim the exclusion. Depending on the amount of the gain, two $250,000 exclusions may save you more in taxes than a single $500,000 exclusion.
