Rental Property Gifted to child

insureme2 · ‎07-07-2020

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 ??

TaxGuyBill · ‎07-07-2020

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

Just-Lisa-Now- · ‎07-07-2020

A gift tax return may be needed as well.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Rental Property Gifted to child

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