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I gifted rental property I owned that was destroyed by mold to the tenant. How do I account for this loss and/or gift?
Without counting this, I take the standard deduction.
The cost of mitigation exceeded the value. However, it retained some value on tax records. Knowing what basis should be used to determine the loss/gift would also be helpful.
The cost of mitigation exceeded the value. However, it retained some value on tax records. Knowing what basis should be used to determine the loss/gift would also be helpful.
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‎October 11, 2020
8:08 AM