Just making sure the IRS considers this as a "gift" everywhere so all I have to worry about is Form 709 and the rental stuff up until that gift date right?
There is no where on the tax return where the gift will be considered as "selling at $0" to worry about those forms, right? Filling out those forms would make me have a huge capital loss, unless there's a different way of doing that.
Regarding the Rental income, on the page where it says if the property was disposed of this year or not, it says specifically "Do not check this box if the disposition was to a related party." well...if not here then where else would I indicate I disposed of the property & won't be claiming it anymore? Is quitclaimming to a family member considered "convert to personal use" option?
The only section I see that I could indicate it is no longer mine is later on the section that says "was sold, retired, stolen, destroyed, disposed of, converted to personal use, traded in, or given away (or it's no longer being used in this business for some other reason.)" that is found under the different assets of the rental property that I could depreciate...
