[1Old Pro]

There's a $500k exemption for capital gains on the sale of the primary residence by a married couple

Isn't that contingent on buying another home?

[PAR35]

“Isn’t that contingent on buying another home?”

I don’t see that as a requirement. Prior to this rule, the old rule was you could roll over if you traded up. But this is independent of a new purchase. See the summary here:

https://www.irs.gov/publications/p523#:~:text=If%20you%20meet%20certain%20conditions,the%20sale%20of%20your%20home.

Consult someone who knows what they are doing, particularly if you have special circumstances (acquisition by divorce or a 1031 exchange; multiple residences; military or diplomatic service, first time home buyer credit, etc.)