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Updated about 3 years ago on .
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Help! Partial Exclusion for Sale of Home no longer suitable
Hi everyone, my wife and I have been scouring the internet for answers to our predicament but cannot find an answer. Here is the background:
I am seeking advice on whether my wife and I can make a strong argument for partial exclusion of gain on the sale of our home. As of August 19 2022, we would have lived in and owned the home for 2 full years, although I am the only one on title. I understand we may qualify for a $500k exclusion if we wait until after August 19th to sell but we want to sell sooner and hence the reason why we are inquiring about partial exclusion. Here is our situation:
- We have a second child to be born July 2022
- We are purchasing a new home in October 2022 because we believe our current home is too small and not suitable for our family. Our current home is a 3 bedroom and I will be losing my home office to the new baby (I work from home).
- My wife will be on maternity leave July through September
- My wife will likely have to quit her job in September because we are moving out the area (over 50 miles from current home)
- I work from home for a company based headquartered over 50 miles away
I believe an argument we could make is that I have nowhere to reasonably establish an office in our home.
Looking for any and all feedback! Brandon Hall? Michael Plaks? Tim Butters?