Home Sale Gain Exclusion Situation
My wife and I recently got married and we moved into a rental house. We both owned houses and lived in them separately before we got married. Now we are looking to sell them. I pass the home sale gain exclusion criteria for the house I owned and my wife passes the criteria for the house she owned. Based on my understanding, we can sell both houses in the same year and each house can exclude a gain up to $250k (filing jointly). Neither house would be eligible for the $500k joint exclusion because I never lived in her house and she never lived in mine. Is this correct? Thank you.
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