Client has been renting and depreciating residential rental home for past 11 years. They decided to quick claim deed this property to son for $1. He will use it as his main home. WHAT DO I LIST AS SALES PRICE OF HOME? Market Value?? $1 ??
Leave the sales price BLANK. It was not sold, it was gifted. Just enter the 'sale' date to stop the depreciation.
A gift tax return may be needed as well.
