Quit Claimed Rental Property to Parents

[Ephesians3-14]

In 2024, a client quit claimed a rental property (that he owned for the past 5 yrs) to his parents for $10. The original cost of the property was $100,000 and accumulated depreciation was approx $18,000 as of the date it was transferred to his parents. 

I assume that my client would not be able to deduct the loss but can't find how to indicate that it was a related party sale on the 4562 worksheet. Any help would be appreciated. 

Maybe I would just enter a "disposition" date and not indicate any sales price?

[jeffmcpa2010]

My interpretation of what you have stated.

the transaction is Not a Sale

Yes it is a gift which (probably) requires filing of a 709

Parents Basis is the same as his (depreciated ) basis.

In my experience it is unlikely the $10 ever changed hands.