@Sarah515 wrote:
All good questions. My dad did this to help me out, and his intent is to let me claim all the depreciation because I manage the property. I believe he would say he has a interest in the property, but for all intents and purposes, it's mine. Honestly, it was a way for him to dump some cash into an investment he didn't have to put any effort into.
The 50% down payment was well over the gift limit.
There's no limit on gifts. Form 709 is required if the gift is more than $17,000 per year, but that is only a reporting requirement so the IRS can keep track of large gifts. Payment of gift tax is only owed after a person's lifetime total of gifts plus estate is more than $13 million.
