Hey Justin, Section 121 allows you to exclude 250k from gains as single and 500k from gains as married. 

My tax status is married and joint filing.Thanks in advance.

(Although if I can use less that’d be fantastic)  My fiancé (getting married this year) will also be able to qualify for Real estate professional status, which should hopefully help us with taxes.I don’t really need cashflow in these first few years at least, I’m more than happy to keep working and using that income to build our portfolio.

this job is not easy to manage but im a hard working woman and I can do this, was married for 29 years, have 6 kids, age 27 years old, 22, 15, 11, 9 and 8 years old, my work for 22 years was my home, my life was dedicated to my family, now im starting a new life with my kids and decided to invest in real estate, I don't know much about investing im new here, but im learning a lot here with BiggerPockets, thank you very much for what you do, my new challenge is to manage my midterm vacation ren Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Your rental income and expenses would end up on your personal return and could net to zero, but not be deductible (unless you have real estate professional status).Bill does have a good idea about living in a residence for two years, fixing it up, and selling it with the exclusion (up to 500k for a married couple), if that was something you wanted to do.  

You are bidding based on still owing that amount. depending on the state you need to know what is superior and inferior. think about it this way, you are marrying a person with kids from a prior relationship - those kids do not go away, you are taking them as well.2.

Excess business losses are capped for single individuals at $250,000 and for married individuals at $500,000, with any surplus being suspended and carried forward.

Similarly, you can offset credits from the activity against the tax on up to $25,000 of nonpassive income after taking into account any losses allowed under this exception.If you’re married, filing a separate return, and lived apart from your spouse for the entire tax year, your special allowance can’t be more than $12,500.

I have a duplex that I lease out, and recently got married where my wife and I are over 150k (salaries combined).

Excess business losses are capped for single individuals at $250,000 and for married individuals at $500,000, with any surplus being suspended and carried forward.