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Best Answer Click here
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The fact that you're asking suggests it wasn't an arm's-length transaction. Girlfriends are unrelated parties too, but that doesn't mean you can't be generous with them.
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I treat all my girlfriends as related. But please don't tell my wife.
I come here for kudos and IRonMaN's jokes.
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Or do you mean you are generous with them?
The more I know the more I don’t know.
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If I read this correctly, your client had a very nice tenant for a long time and they decided to sell the unit to them for a ridiculously low price. This is NOT deductible. You do need to file a gift tax return.
IF you had given it to a low income housing group that was a not for profit, you would still not get the deduction, but you could take it as a charitable deduction.
Answers are easy. Questions are hard!
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Or, the tenant could have trashed it so badly before he discovered that they were barbecuing goats in the living room, that he just needed to wash his hands of it before the city arrested him for being a slumlord.
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Thank you! I appreciate your response and filed the gift tax return.
