My wife and I gifted a rental condo to our son who also operated it as a rental.
The market value of the condo was reported as $258,0000 with $129,000 reported on each of our separate form 709 Gift Tax Returns. The computed tax for each of our returns was $43,606. Our lifetime gift credit was reduced by that amount for each of us.
The question is: IF OUR SON SELLS THE CONDO IN 2024 FOR $238,000, DOES HE HAVE A REPORTABLE LOSS OF $20,000 FOR HIS TAX PURPOSES?
You'll need to sign in or create an account to connect with an expert.
Hello and Thank You for your response yesterday.
$70,388 was the adjusted basis with depreciation taken as reported on our Form 709.
That's what he did. Thank you for your help. We really appreciate it!
Paul Albert
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Johnnie7
New Member
stuartboren
Level 3
zombitroid
Returning Member
Bachatera
Level 3
raegrx96
New Member