KrisD15
Employee Tax Expert

Deductions & credits

No, there is nothing you need to file with the IRS. 

 

Since the transfer is being done between family members, all of which were partial owners all along, just keep records with your tax files. Make sure everyone has the same information in each tax file. 

 

When you do sell, you will need to know the depreciation taken and you will prorate the Depreciation Recapture and Capital Gains to each owner (if applicable). 

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