I co-own a rental property with 2 other siblings. Two of us would like to sell the property and the third one would like to keep it. We decide to sell our shares to the third sibling. Does this consider a rental property sale within TurboTax? Within TurboTax, I saw a choice of "I sold or disposed of this property", however, in the details, it said "Do not check this box if the disposition was to a related party." What should I do?
You'll need to sign in or create an account to connect with an expert.
It's a loss problem with passive and capital losses coming into play. If you sell to a relative you can't recognize those losses BUT you must recognize gain. Are you selling to the sibling at FMV? You should not get in to a bargain sale thing and you should get tax and legal pros to help with this.
Thanks! Your answer is really helpful!
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
fucndfsdsfddfdf
Returning Member
Think57
Level 3
Think57
Level 3
smlucio
Level 1
annava17
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.