In 2023 I gifted my sister 25% of a rental property owned jointly 25% on my name and 75% on her name. The title now on her name 100%.
My basis is $10,000 and is fully depreciated. Currently the 25% market value is $30,000. I don't think I need to file "gift tax" since I can gift my sister $15,000 and my wife $15,000.
I am having problem to enter my gift in Turo Tax Premier. In "Sale of property and depreciation", I selected my assets for the property. I was asked "Did you stop using this asset in 2023?" I selected YES (Given away). Next, I entered purchase and selling date. Next under Special Handling Requirement, I selected YES since I gave this asset away as a gift. Next under Depreciation deduction, TT inform me correctly that my deduction for 2023 is zero. That was the last step in the interview. However, running Federal Review, I was asked to enter selling price of the property. I entered zero, but TT gave the error "Selling price of a home shouldn't be less than or equal to zero.
I don't underspend, Since I gifted the property and did not receive any money for it, then the amount should be zero.
Thank you for any suggestions. I cannot file my tax return with this error.
