Depreciation has been taken every year. After doing our taxes for 2023 the TurboTax calc of cost basis is approx 112,000. If we transfer the rental property to our tenant son, does our son carry our cost basis? And do we avoid capital gain? How do we show the sale price in TurboTax? The FMV of the property is about 180,000. Should We get an independent appraisal? We do realize a gift tax return would be required. Is the gift amount 180.000 or (180,000 less 112,000) 68,000?
Thx
