My wife and I have a duplex purchased in November 2013 and lived in 1 unit and rented the 2nd unit until October 2019 when we purchased a Condo to live in as permanent address. We're looking to sell Condo after 2 years and make a profit of around $50,000. We also are thinking of selling the duplex since it has almost doubled in value and would make a profit of $100,000 and relocating out of the area. My question is can I claim capital gains exclusion on both properties at same time. I would have lived in Condo for 2 years and also lived in duplex 2 of the last 5 years.
No, you can only claim the 121 exclusion once every 2 years. You could of course sell the duplex now (and exempt half the gains since you only lived in half of it, assuming both units are the same value), then sell the condo in 2 years and claim the exemption again.
@Wayne Brooks thank you for the information