Hal_Al - Thank you. That was how I interpreted in the 26.1 code. But I'm still confused as to how to report the 1099-S. Are you saying that the 1099-S is going to reflect the FMV but I should only report that the Basis as $180 and Sale as $180? I would assume the Gift of Equity Letter should state all the Details of Depreciated value used, cost basis, and gifted amount at the least?
