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Investors & landlords
@acs11012 --
Q: That means we would only be able to qualify for $250k vs the $500k exemption correct?
A: Correct. When filing jointly, both spouses must meet both the residence and the look-back requirement in order to qualify for the $500k exclusion. When filing separately, the spouse that qualifies for the exclusion is limited to a $250k maximum.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
‎July 12, 2021
8:38 AM