Couple own a rental proeprty. Each year they give a percentage equal to $24,000 of FMV ($12,000 each) to a son. Every year I reduce the husband's ownership by a percentage and the wife's too. Then I increase the son's owndership by the total reduction.
For 2008 their lawyer wants the entire $24,000 to come off of the husband's basis.
Does this change show up anywhere on the Form 709 or does the 709 look the same either way?
For 2008 their lawyer wants the entire $24,000 to come off of the husband's basis.
Does this change show up anywhere on the Form 709 or does the 709 look the same either way?