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Question

We (wife and I) co-owned a condo with our son since 2010. In 2021, we gave our 2/3 shares to our son based on newly passed Prop 19. How to report tax ?

Forum|Forum|4 years ago
January 26, 2022
1 reply
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Level 15

In this case because you are giving the property to your son while you are still alive the property is technically seen as a "gift." In order to report it you will need to file a separate gift tax return showing the value of the transfer.

Gift tax returns are not supported by TurboTax. You may want to consult a tax professional. In the meantime here is the IRS's article on Gift Tax Returns.

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