CLIENT SALES A RENTAL TO DAUGHTER FOR $147,425 DAUGHTER PAYOFF LOAN 65,501 MOTHER GIFT OF EQUITY OF 80,386. IN THE DISPOSTION OF THE PROPERTY WILL THE SALE PRICE BE 147,425 AND A FORM 709 FOR THE GIFT. WHAT ELSE I AM MISSING.
Are you trying to get around a 1099-S that shows a sales price of $145K, because the paperwork had to satisfy the daughter's new mortgage company? I'll let others suggest how to play "trick the IRS computer." When I sign a return, I just enter the facts, and include an attachment that might be needed next year because no one at IRS looked at it.
