1. It's okay for you to go home now.

2. It's okay your going home now.
3. It's okay if you go home now.
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#1 is correct and ''It' refers to 'for you to go home now'. Am I right?
What about #2? Is #2 grammatical? Does 'it' refer to 'your going home now'? In Sentence 3, does 'It' refer to 'if you go home now'?

1 and 3 are correct. 2 is incorrect.

Again, "it" is used as an impersonal pronoun to get the sentence going. It has no antecedent.

Thank you for your help.

1. For you to go home now is okay.
2. Your going home now is okay.
3. To go home now is okay.
4. Going home now is okay.
[What about these sentences? Can we use them?]

All are grammatically correct, but some are clunky or not used in common speech. #1 and #4 are the best, in my opinion.

1. It's okay for you to go home now.

In this sentence, "It" refers to the entire phrase "for you to go home now." So your understanding is correct.

2. It's okay your going home now.
Sentence #2 is not grammatically correct. The possessive pronoun "your" should be spelled as "you're" (short for "you are"). Additionally, the sentence lacks a clear subject for "it." To make it grammatically correct, you can rephrase it as "You're going home now, and that's okay."

3. It's okay if you go home now.
In this sentence, "It" also refers to the entire phrase "if you go home now." It means that the person being addressed has permission or approval to leave. So, your interpretation is again correct.

Remember, pronouns like "it" can be ambiguous without proper context, and their antecedents should be clear for effective communication.