We are now married and I expect we'll file our 2024 taxes jointly.

Welcome to the group, Tanner and congrats on getting married this year!

She is not married so her capital gains exclusion is only $250k. 

An example was a line item for alimony (I am single and have never been married).

And, most importantly, I married right.

Congrats on getting married! 

If both the parent and child are married, this allows forgiving up to 4 times the annual gift tax exclusion per year.

This strategy allows them to eventually exclude up to 250,000 (500,000 if married filing jointly) of gain from taxes when they sell the property as a primary residence.Hope this helps!

So if I understand this correctly, by qualifying to extend the 5 year rule to 10 yrs, $250k if single or $500k if married of proceeds from this sale would be exempt from capital gains? 

I am newly married and have a hefty mortgage myself, but I manage to save a decent amount of money realistically 10-15k a year I have been working as a construction worker as long as I have been working I am a mason by trade and even though moneys tight I know I will be a successful investor even in the current market.