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They get the giftor's adjusted basis in the property along with the giftor's holding period. In this case, the mortgage has been paid off and the property is fr...
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The rental income would have been taxed on the giftor's return throughout the years and the recipient wouldn't have to recognize that income. They do have to re...
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The FMV at the time of the gift is greater than the basis of the giftor. Thus, they will get the carryover basis from the giftor but will have to factor in any ...
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Can you help with this question?Family lives in rental property for primary residence (greater than 2 years).Rental property gifted to family in current year.Fa...
