Capital Gains Exemption

[waltthewell123]

Question regarding the capital gain exemption for married couple in this case.

The husband bought the property in 2016 as a single man but was married in 2021. Both husband and the wife then moved in together to the property from June 2021 to Dec 2023. 

They want to sell the property now, will they qualify for $250K exemption (because the property is under the husband’s name only), or for $500K because they are now married and want to sell the property.

The estimated capital gain is close to $350K.

[MayaD]

The exemption is $500,000 once they’re married, provided at least one of them owned the home for at least two of the last five years, and both of them lived in it for at least two of the last five years.