A two-pin transmit/receive switch design includes a switching component configured to selectively switch in elements for a transmit signal path and elements for a receive signal path. A capacitor in the transmit signal path may be switched out when receiving signals on the receive signal path. Being able to selectively switch out the capacitor allows the capacitor value to be selected for optimal operation during transmit mode. For example, insertion loss may be minimized. In addition, elements in the receive signal path may be optimized (e.g., impedance matching) without being affected by or affecting the optimization that was performed for the transmit signal path.