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D
dr58lj15
Level 3
May 9, 2021
Question

How do you report the sale of a rental with a gain to a related party?

  • May 9, 2021
  • 2 replies
  • 21 views

I have a sale of rental property with a gain to a related party.  In addition, does the depreciation have to be recaptured?

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2 replies

T
TaxGuyBill
May 9, 2021

Because it was sold at a gain, it is reported as any other sale (usually on the Asset Entry Worksheet).  

Yes, selling the property at a gain will result in Unrecaptured Section 1250 Gain (tax due to the depreciation).

    A
    athaureaux6
    Level 7
    May 9, 2021

    The depreciation will have to be recaptured even if they did not take in previous tax returns. If it was allowed, it will have to be recaptured when adjusting the basis. I believe that is what they law says. I interpreted it that way. Excuse me if I am wrong.

     

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