SALE OF RENTAL

[BG2]

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.

[sjrcpa]

Please don't SHOUT.

Is $147,425 Fair Market Value?

[abctax55]

"..WHAT ELSE I AM MISSING"

The Caps Lock/Shift key?

[George4Tacks]

themathdoesnotwork80386+65501=145887.

[BobKamman]

Sounds like she sold it for loan payoff, $65,501.  If a gain, taxable.  If a loss, not.  Form 709 required but no tax due (unless huge prior gifts).  

[BG2]

So sale price is $65,501 is what I should enter.

[BG2]

About 1500 in taxes and fees

[BG2]

Yes fair market value.

[BobKamman]

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.