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Rental Property Gifted to child

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Level 1
last updated ‎July 07, 2020 8:05 PM

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 ??

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Level 12
last updated ‎July 07, 2020 8:05 PM

Leave the sales price BLANK.  It was not sold, it was gifted.  Just enter the 'sale' date to stop the depreciation.

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Level 15
Level 15
last updated ‎July 07, 2020 8:05 PM

A gift tax return may be needed as well.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪