Capital Gains Exclusion scenario

[Doug Diamond]

I am familiar with the rule around the capital gains exclusion for your main home, in that you must live in the home for 2 of the last 5 years, but those years don't have to be consecutive nor do you need to currently live there.  Here is the question:

If you lived in a home for 2 years, then rented it out, then moved in to another home for 2 years, can you then sell both and exclude both in the same year? They both meet the 2 out of the last 5 rule.  Or even in consecutive years (sell one in one year, and the other in the next)?  It sounds like you can only take the exemption once every 2 years, but seems like you should be able to sell both at the same time.