In-laws gifting us house — if we live there 2 of 5 years, do we get $500k capital gains exclusion?

Hi all , quick capital gains question.

My mother-in-law may gift my wife and me her house (not inheritance). We understand we’d take her original basis (carryover basis), which is about $140k. The house is worth about $500k now.

If we move in and use it as our primary residence for 2 out of the last 5 years before selling, would we qualify for the $500k married filing jointly capital gains exclusion?

I look at the IRS section but it didn't address if we receive the house as a gift.

Thanks!