Two sales - primary residence and duplex (formerly primary)

[Matthew R.]

I’m new to this side of things, as these would be my first sales of real estate.  

I have a duplex in which we lived for over two years within the past five years (Dec 2016-Apr 2019) and also a primary residence in which we have lived for over two of the past five years (Apr 2019-present).

If I’m reading the capital gains tax rules correctly, only my current primary residence can be exempt.  Am I understanding this correctly?  I would love to be wrong...but want to be sure either way.

[Bill Exeter]

Hi @Matthew R., 

Any primary residence would qualify as long as you can say as of the date of sale that you have owned and lived in the property for at least 2 out of the last 5 years.  You can only take the 121 Exclusion once every 2 years.