Capital Gains: Selling 2 properties that both qualify for the 2 in 5 year exemption

[Ash94]

Selling two properties this year, both qualify for the 2 in 5 year capital gains exemption, but I know I can only use the exemption on one property. My question is, can I choose which property to exempt and which property to pay capital gains?
I’m worried there’s some detail I’m missing like having to use the capital gains exemption on my most recent residence. 

Some more details… 

Property A I lived in from 2015 to Feb 2022. I then rented it from May 2022 to April 2024. This is the home I want to use the 2 in 5 year capital gains exemption for since the gains are much higher (still under 250k though). 
Property B I lived in from March 2022 to April 2024. I am willing to pay capital gains on this property. 

[tagteam]

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@Ash94 wrote:

....can I choose which property to exempt and which property to pay capital gains?

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The simple answer here is, "Yes"

You should note that you cannot exempt the amount of accumulated depreciation deductions from taxation.

[Mike9241]

Since the houses were not used at the same time as your "principal residence" like a summer home and a winter home, you get to choose the property to use the exclusion on. However, if you use it on the rental property you must recapture the depreciation before the exclusion is applied. 

example

sell  $700

cost $500

depreciation $100 

gain is $300

however, the the $100 of depreciation doesn't qualify for the exclusion so you will pay tax on that. the remaining $200 qualifies.