@Notei9 wrote:
Is it enough?
For a married couple filing jointly, only one spouse has to meet the ownership requirement.
No, the spouse is not required to be on the title for the $500,000 exclusion when married. But the spouse MUST have lived in the home for at least 2 years during the previous 5 years on the date of sale.
If you owned the home and used it as your residence for at least 24 months of the previous 5 years, you
meet the residence requirement. The 24 months of residence can fall anywhere within the 5-year period, and it doesn't have to be a single block of time. All that is required is a total of 24 months (730 days) of residence during the 5-year period. Unlike the ownership requirement, each spouse must meet the residence requirement individually for a married couple filing jointly to get the full exclusion.
