Questions About Home Sale Exclusion from Capital Gains Tax

[Abe Sampson]

I have a couple questions related to the tax benefit of selling a home you've lived in for 2 of the last 5 years.

1. If there are two names on the title of the house, do both of the owners need to live in the house to receive this tax benefit?

2. I read that it is possible to receive a lesser tax exclusion if you live in the house less than two years (1 year means you could exclude 50% of the $250,000 max).  Do you still need to own the home for at least two years to get this tax exclusion?

Thanks in advance!