How long do you have to wait to sell a gifted property to avoid any sort of risks during an audit? Can you list a property for sale immediately after receiving?

[WeBeClownin]

My grandmother is wanting to quitclaim a rental property to my brother and I as a gift. Now what happens if my brother and I decide that rental property's just aren't for us? Can we list it for sale immediately after without any sort of wrong doings. We have an appointment with a real estate attorney in the near future as well. We understand now the tax basis from her and the capital gains punishments, but is there anything requiring us to hold onto the gift for a certain amount of time before selling? Thanks in advance everyone!

[TaxGuyBill]

Yes, you can sell it right away without any problems.

However, depending on the circumstances and the reason for the gift, your grandmother may first want to consult an Estate Attorney first.  There may be valid reasons for giving away assets during her lifetime, but there are also good reasons for waiting.  A good Estate Attorney would be able to analyze her specific situation to determine what may be best.