TomD8
Level 15

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.