A friend of mine is considering selling some land where his primary residence (of 20 years) resides. He asked me this question and I didn't know the answer so I'm seeing if anyone here knows the answer to this...
My friend owns 5 acres of land where his primary residence sits. He would like to sell 4 acres of his 5 acres parcel and would not include his home in the sale. Would he and his wife qualify for the 500k capital gains exclusion if they sold the 4 acres and didn't sell their primary residence?