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Rental property transfer to relative
My client has rental property that he transferred to his children at the end of 2018. How do I handle it in Proseries Basic ? I would think this transaction is not taxable.
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It's a gift and gift tax return should be prepared. On your client's 1040, just delete the schedule E for the property and all of the related depreciation schedules. If you want to be nice, go back in the 2017 program and print the depreciation scheduled for the kids. Their basis starts where your client left off.
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