Leave it to Marry To educate the class and correct the teacher.

Because they are §1231 losses they can offset ordinary income, which is better than a normal cap loss use of only $3,000 if married.  

My wife is Filipino and not a citizen of the US currently, we married in September of 2023.My question: While we've only been married for 5.5 months, can we qualify for the joint filing $500k exemption?

Date the rate, marry the property.

I have 0 bills and I live at my parents house  marry someone rich

Assuming you are married gifting each child 36k a year is a wonderful start.   

Hey Siddhant, there are a lot of variables here.The first big one is if you're married.

My wife and I bought a duplex when we got married and it greatly increased our net worth doing the first few years.

A sale at $700k would still mean you'd be under the $250k sec121 exclusion (since it sounds like you arent' married yet). 

The long-term capital gains tax rates are 0 percent, 15 percent and 20 percent, depending on your income and status (single, married, etc).