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insureme2
Level 1
July 8, 2020
Question

Rental Property Gifted to child

  • July 8, 2020
  • 2 replies
  • 27 views

Client has been renting and depreciating residential rental home for past 11 years. They decided to quick claim deed this property to son for $1. He will use it as his main home. WHAT DO I LIST AS SALES PRICE OF HOME?  Market Value??   $1 ??

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2 replies

TaxGuyBill
July 8, 2020

Leave the sales price BLANK.  It was not sold, it was gifted.  Just enter the 'sale' date to stop the depreciation.

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    July 8, 2020

    A gift tax return may be needed as well.

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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