Ed and Elise got married during the year and they each sold their homes to buy a new house for them to live in. As long as they file a joint return they can each claim a $250,000 exclusion.

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This statement is true. When a married couple files a joint tax return, they can each claim up to a $250,000 exclusion on the sale of their primary residence as long as they meet certain criteria. This means that together they can exclude up to $500,000 of capital gains from the sale of their homes.

Ed and Elise Got Married During the Year and They