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Level 1

Question

If I gift a rental property to son, can son sell it right away. How does son report tax on the sale?

Forum|Forum|1 year ago
July 20, 2024
2 replies
7 views

No text available

Level 15

You son can sell it immediately but he'll take your basis in the rental property and also the accumulated depreciation deductions you took will be recaptured on his return. In short it would be reported the same way as if you sold it.....form 4797.

Level 15

also since the value would likely be in excess of the annual gift tax exclusion of $18,000 for 2024 you would have to file a gift tax return - Form 709. Turbotax does not do this form. It also has to be a bona fide gift, that is your son keeps the money from the sale. if it gets back to you, the IRS could treat the sale as being made by you and tax it accordingly.

Mike9241