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I gifted a second home to son in 2020. the transfer occured. Do I report the home as sold?

Do I report income and taxes from property as a rental for the period up until October?
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I gifted a second home to son in 2020. the transfer occured. Do I report the home as sold?


@mandocello1 wrote:
Do I report income and taxes from property as a rental for the period up until October?

Yes, and then you would indicate that you disposed of the property in the Rental Properties and Royalties section of the program.

 

1.png

 

Note that you may have to file Form 709, for which you may want to seek guidance from a tax professional.

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I gifted a second home to son in 2020. the transfer occured. Do I report the home as sold?


@mandocello1 wrote:
Do I report income and taxes from property as a rental for the period up until October?

Yes, and then you would indicate that you disposed of the property in the Rental Properties and Royalties section of the program.

 

1.png

 

Note that you may have to file Form 709, for which you may want to seek guidance from a tax professional.

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