@KrisD15 Thank you so much for your answer. It is very clear for all parts. But I would like to get deeper about the depreciation part. After they hold the new title, they continued with the original depreciation schedule. Should I take the previous depreciation into account when I file the F709 I have transferred the ownership togather with the depreciation to them?
A somewhat related but different aspect of the situation here is this. Since the property was purchased in 2016, just my daughter and my son, only two of them were handling all the income, expenses, and take a 50% share each for the rental property for tax returns in the past years. We consulted through the phone call with a TurboTax expert in the first year when we filed the tax return. The tax expert's opinion was that it is legal to handle it this way since financially I was not involved with income and expenses of the rental property. Your opinion will be greatly appreciated. Thanks
