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I bought my first home, a condominium, on 11/30/98. Recently, on 10/31/00, I sold that home for a $12,000 gain which I used to purchase a new home. If I understand correctly, I am not benefitting from the home sale gain exclusion because I was only in this home for one year and eleven months. I know it's harsh to be penalized for selling the condo thirty days too soon; but since I used those funds to purhcase the new, larger home, doesn't that give me some sort of advantage? I was single when I bought the condo, but married when I sold it. I would hate to get nailed for a gain because of thirty days.
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