Hi - I sold our family's primary residence that we'd lived in/owned for 7 years (2 bedrooms was not enough space with 4 kids!) and bought another home. We sold that 19 months later due to unforeseen circumstances. I'd like an opinion on whether the following counts as "other unforeseen circumstances" in terms of a partial exclusion.
The house was purchased Dec 4, 2020. I had an idea for a new business venture in Feb/March 2021. Business began in April/May and showed a profit that very first year. This is a craft business that uses much space and produces large product and I began working out of our ~50 sq ft pantry. It soon felt like the business was taking over our family home - with product and supplies in many common spaces. Our new home has a 320 sq ft dedicated studio that is filled with supplies, equipment and work spaces. (I also use the basement laundry, kitchen sink and stovetop along with storage in the attached barn). Another nice profit in 2022 and continuing success into 2023. I feel this constitutes a work related move and can take the partial exclusion under unforeseen circumstances.
Thank you for your thoughts.
