Skip to main content
G
gelicabg
Level 2
March 27, 2022
Question

Clients who own their home, purchased condo, then rented to son 5 yrs, now transferred loan to son (no gain). They have no paperwork ??? What should I be looking for?

  • March 27, 2022
  • 4 replies
  • 12 views
No text available
This topic has been closed for replies.

4 replies

IRonMaN
IRonMaN
Level 15
March 27, 2022

A gift tax return.

Slava Ukraini!
    abctax55
    abctax55
    Level 15
    March 27, 2022

    How does one go about "transferring" a loan?

    I'd like to get rid of the mortgage on my office 🙂

    HumanKind... Be Both
      BobKamman
      BobKamman
      Level 15
      March 27, 2022

      Half the story?  I doubt they could "transfer" the loan without deeding the property to him.  And that might be considered a sale if the loan was more than their basis (for example, they refinanced and pulled money out before helping the kid avoid standing on his own two feet). 

        qbteachmt
        qbteachmt
        Level 15
        March 27, 2022

        "They have no paperwork"

        Nonsense. Deed/Title, loan documents, their original purchase info and the transfer info. It's all somewhere, if not still in their files. Bank, County records, etc.

        Don't yell at us; we're volunteers
          Terms & ConditionsAccessibility statement
          Tax software
          Intuit Lacerte Tax
          Intuit ProConnect Tax
          Intuit ProSeries Tax
          Referral Program
          Workflow add-ons
          Intuit Tax Advisor
          Hosting for Lacerte & ProSeries
          eSignature
          Protection Plus
          Pay-by-Refund
          Intuit Link
          Accounting solutions
          QuickBooks Online Accountant
          QuickBooks Accountant Desktop
          EasyACCT
          Training & support
          Training Center
          Learn & Support
          Resources for starting a tax practice
          Tax Pro Center
          How to get started offering advisory services
          Call Sales: 833-564-8436
          Sitemap
          Turbotax icon creditkarma icon QuickBooks icon Mailchimp icon
          About Intuit Join Our Team Press Room Affiliates and Partners Software and Licenses

          © 2026 Intuit Inc. All rights reserved.

          Intuit, QuickBooks, QB, TurboTax, ProConnect, Credit Karma, and Mailchimp are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.

          By accessing and using this page you agree to the Terms and Conditions.

          Terms and Conditions About cookies Manage cookies
          Legal Privacy Security
          TRUSTe
          Products
          T1 Tax Module
          T2/CO-17 Tax Module
          T3 Tax Module
          T4, T5 & Other Tax Forms
          Tax Suites
          Single Returns (OnePay)
          ProFile 20
          QuickBooks Online Accountant
          Pricing
          Pricing & bundles
          Free trial
          Learn
          Getting started
          Training
          Webinars & events
          Support
          Download & activate
          Community & support
          System requirements
          Refer a friend
          Call sales: 1-844-861-3600
          Manage cookies

          © 2026 Intuit Inc. All rights reserved.

          Intuit and QuickBooks are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.

          Legal Privacy Contact Contact
          Logiciels
          Logiciel d’impôt T1
          T2/CO-17 Tax software
          Logiciel d’impôt T3
          T4, T5 et autres formulaires fiscaux
          Suites Fiscales
          PayezPourUN
          ProFile 20
          Signature Intuit pour ProFile
          QuickBooks en ligne Comptable
          Prix
          Prix et offres groupées
          Essai gratuit
          Apprentissage
          Démarrage
          Formation
          Webinaires et événements
          Soutien
          Télécharger et activer
          Communauté et soutien
          Exigences système
          Recommandez un ami
          Appeler les ventes : 1 800 943-9834
          Paramètres des témoins

          © 2026 Intuit Inc. Tous droits réservés.

          Intuit et QuickBooks sont des marques déposées d’Intuit, Inc. Les modalités, les fonctions, le soutien, les prix et les options de service peuvent être modifiés sans préavis.

          By accessing and using this page you agree to the Terms and Conditions.

          Nos offres d’emploi Contactez nous Renseignements juridiques Confidentialité