You'll need to sign in or create an account to connect with an expert.
First there are times with using a human instead of a DIY program would be better and this is one ...
Second you had a rental for 3 months if he was paying a fair market value so all the income and expenses on the Sch E. You will need to take it out of service to stop the depreciation you should have been taking.
Third ... this GIFT needs to be reported on a gift tax return which TT doesn't support and he will need basis information from you so please seek local professional assistance this tax year.
Yes, you still had a rental unit up tp April 1 and should report the income and expenses on Schedule E.
You also sold a rental unit and (maybe) made a gift of equity. You should report the sale. Even if there was no capital gain, you need to report "depreciation recapture.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Karma5
New Member
solomon_g
Level 1
ronran2024
New Member
gxbaby112
New Member
rogerdio
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.