How to Take Advantage of the 121 Exclusion

Nice summary, thanks Carl!

I have watched a few of these videos, all saying the same exact thing, but not one of them say when to use it. Do I need to do the paperwork for the 121 durring the sell? Or is this something I do at the end of the year when I file my taxes?

is this something to is done during closing on a sale, or on your annual taxes?

My plan is to leverage the 121 exclusion to build wealth over the next decade.
As a hobby/side project I'm going to build myself a house every few years. Move in for 2-3 years while I build the next one. Sell the first one. Up to $500k without federal taxes.

Is it possible to do 50% 121 Exclusion and 50% 1031 Exchange on single property?

Question, I bought my house 2 years ago and lived there since. If I sell it, can I still take advantage of the 121 exclusion if I haven't owned the house for over 5 years? thank you

Can I still do the 121 Exclusion if I have a muti family house that was my primary for 4 of the last 5 years. "Dec 2019- Dec 2023" and bought a primary that i currently live in, in Dec 2023 "5 months ago"?