Capital Gains on primary residence with separate deeded lot

[Collin Brown]

My wife and I own our house on a half acre lot and also own the half acre lot next door. The lot next door is cleared and buildable and we owe no money on the lot. We bought the house and the lot at the same closing together from the same source. I have mowed and taken care of the lot all 8 years we have lived here and it has lived as if we have one acre with our house.

Question: if we sell the house to one party and the lot to another do both qualify for the primary residence capital gains exemption? Do they have to close on the same day? Do we have to sell both to the same buyer?

Thanks!