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    Rental Property Gifted to child

    insureme2
    Level 1
    ‎07-07-2020 08:05 PM

    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 Comments 2
    TaxGuyBill
    Level 15
    ‎07-07-2020 09:02 PM

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

    Just-Lisa-Now-
    Level 15
    Level 15
    ‎07-07-2020 11:08 PM

    A gift tax return may be needed as well.


    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪






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