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!!
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...
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...
Your Adjusted Basis will be: Original Cost + Capital Improvements - Depreciation.
For the Original Cost: You will have to look at closing Documents or property...
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...
Your husbandcan deduct certain out-of-pocket expensesrelated to his volunteer work at the VFW.These must beunreimbursed, directly connected to the volunteer wor...
