Primary residence, a single person gets $250K of gain tax free, married gets $500k.

The old saying is "You marry the property, but date the rate" meaning the property can be held a long time but you can refinance over and over.

Document your hours using a log.There are court cases of taxpayers not having a log and their position was thrown out resulting in added taxes, penalties and interest.

And you can sell and get the first $250K of gain ($500K if married) tax free. 

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My questions is how does section 121 apply in our situation(married couple)? 

In 2023 we didn't do that and only showed 1/2 a year of tax payments. 

Unless they are married, they need their own policy.Make sure you are added as "additional interest" on each policy so you can track it.

This happens when a married or non-married couple splits up while they're your tenants.

Your sibling can either take the cash for their 30% or they could do a 1031 of their own.If you and your wife file a married joint tax return then the IRS sees you as the same taxpayer.