I have bought a house 15 years ago. About 5 years ago, I quitclaim deed it to a friend and he included it in his tax return ever since. There is no mortgage and it has been a rental property for the last 15 years. I didn't file gift tax return because it was a temporary transfer. He is about to quitclaim deed it back to me. Is this considered as sale?? Or gift to me? Or simply going back to original ownership? How should he and I treat it from tax perspectives?
