George4Tacks
Level 15

I believe you will need more information.

 I have a client with a schedule E for a rental the past 8 years. The house was originally deeded to he and his father (this information was never given to me 8 years ago) Were father and son listed as Jt Ten, or Tenant in Common, or ... when his father died in 2019 the deed was changed to he and his brother (this information was not given to me). Was this passed via probate? Trust? Did brother inherit Dad's share?  On February 18,2020 the deed was changed and his brother is now the sole owner of the property. Did brother sell out to brother? Did brother gift to brother? DId one brother get another house and gave this one to equalize. How do I process that on my client's return? Ask many more question The new owner has not decided if he will continue using the property as a rental. This is not pertinent. Was it a rental in the year(s) you are doing the tax return?

 


Here's wishing you many Happy Returns