@Carl wrote:
Basically, the only way to change the cost basis of an asset is by including IRS Form 3115
You do not use Form 3115 to change the cost basis of an asset.
@Carl wrote:
It would be great if during the TT interview, the question is asked, "Was the sale of this rental property to a family member?" If "Yes," then the software manages the appropriate reporting.
If I recall correctly (and I may not) I do think that question is asked.
The question concerning selling to a family member is not asked in the program, in the business section or the rental section. There is a general question as to whether or not the asset was given away (i.e., a gift, as in donated to a charitable organization or to a private party).
