ErnieS0
Expert Alumni

Deductions & credits

It sounds as if your both sold your shares of the house and your father gave you a gift. We'd need more details @Tuft733.

 

If the above were the case, you would each report your share of the sale on your individual tax returns. Since it's a rental I assume you've been reporting the income and expenses as a rental in prior years.

 

You father will probably have to file a gift tax return. Most likely there will not be any tax due. However a return is filed if the value of the gift exceeds $15,000 per person per donor.

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