$500,000 Exclusion for Married Couples
There are certain additional requirements you must meet to qualify for the $500,000 exclusion. Namely, you must be able to show that all of the following are true:
- you are married and file a joint return for the year
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either you or your spouse meets the ownership test
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both you and your spouse meet the use test, and
- during the 2-year period ending on the date of the sale, neither you or your spouse excluded gain from the sale of another home.
