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Does My Home Qualify for a Partial Exclusion of Gain due to a new baby?
My wife and I bought our house in August 2022 ($473,132.44 including all points and closing costs), then had a new baby in December 2023 and realized our home would not work for us as my wife has to work from home and uses a room as an office. We sold (553k and paid $34k in closing costs/agent fees) and bought a new home in May 2024. I believe we may qualify for a partial exclusion but am not sure. What do you all think?
also we had to spend about $20k doing a bathroom remodel after discovering and old leak in the master bathroom that insurance declined to help out with so not sure that does anything
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‎December 13, 2024
10:25 AM