Both me and daughter need help on how to report this.
Market value of my home was 670,000. I deeded it over to my daughter (and husband).
She then purchased a mobile home for 333,000 for me on a non-owned lot that rents the space to me.
I know I can't take a loss, but is the "loss" of 237,000 (670,000-333,000) to be reported as a gift?
Is her basis in the home 670,000 or 333,000?
One last factor/question: As part of my compensation in the deal, she pays 700/mo toward my lot rental. Does that count as a gift for her to track?
