Both houses would meet the 2/5 years requirement, would that mean we wouldn't pay capital gains under $500k?
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It depends. You would only be able to exclude the gain on one home if you both owned the two homes and they both were recently sold. There are a few parts to the gain exclusion on the sale of a home:
That gain on the sale is excluded up to $250,000 ($500,000 joint) as long as:
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