I think my parents are going to rent it too. I don't think they will be living in it.
I understand even if its converted in to a personal property they still need to pay the depreciation recapture.
I was worried how I was going to report this on my own income tax return besides the Form 709.
Others have mentioned I don't need to report it on my income tax return only on Form 709.
I really appreciate all the help for everyone. I really feel that I gained a much better understanding after reading all these replies.
I been using TurboTax for over 10 years and I guess this is the first time I have to get a CPA as it doesn't seem to support gift tax.
Feel free to add anything as I will be reading up on these.
