About SwapnaM

Employee Tax Expert

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Hello! My name is Swapna & I'm an Enrolled Agent & a Tax expert at Intuit. I've been a Texas resident for past 18 years. I love doing taxes & helping any way I can!!

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Re: Capital gains from selling a house where lived in and rented out

Did you already sell the house or planning to sell? To qualify for the full exclusion, you must meet both the ownership test and the use test: You must have o...

SwapnaM

Updated Jul 16, 2025
Re: Home was in a Life Estate

Even though you were added to the title in 1999, your parentsretained a life estate, which means they kept the legal right to live in and control the property u...

SwapnaM

1

Updated Jul 16, 2025
Solved Re: No records to document adjustments to basis

Your Adjusted Basis will be: Original Cost + Capital Improvements - Depreciation. For the Original Cost: You will have to look at closing Documents or property...

SwapnaM

Updated Jul 16, 2025
Re: Home was in a Life Estate

This will be treated as an inheritance.You will receive astepped-up basisin the property.Thecost basis is the fair market value (FMV) of the home at the date of...

SwapnaM

3

Updated Jul 16, 2025
Re: Tax write off

Your husbandcan deduct certain out-of-pocket expensesrelated to his volunteer work at the VFW.These must beunreimbursed, directly connected to the volunteer wor...

SwapnaM

Updated Jul 16, 2025

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Date Registered	‎January 28, 2023 1:00 PM
Date Last Visited	Wednesday
Total Messages Posted	166
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Re: Capital gains from selling a house where lived in and rented out

Re: Home was in a Life Estate

Solved Re: No records to document adjustments to basis

Re: Home was in a Life Estate

Re: Tax write off

Do you have a TurboTax Online account?

Re: Capital gains from selling a house where lived in and rented out

Re: Home was in a Life Estate

Solved Re: No records to document adjustments to basis

Re: Home was in a Life Estate

Re: Tax write off