QUESTION:
I got married this year. I have owned my home for 10 years. Do I get to exclude $250,000 or $500,000?

ANSWER:
For a couple to qualify for the $500,000 amount, you must file a joint return. It is OK for only 1 to own the home, but both must have used it as their principal residence for 2 years, and neither sold a home under these new rules within 2 years.

If you were both living in the home for 2 years, you qualify for the $500,000 exclusion.

For more information, see 1997 Tax Act
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