709 Gift of Rental Property

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  • Sparky
    Member
    • Jan 2010
    • 65
    #1

    709 Gift of Rental Property

    Just want to confirm that the gift is FMV of property at time of gift, and donor's cost is adjusted basis. And, because this has been a rental since 1975 it would be cost less depreciation taken.

    I know gifting a rental is not the best thing to do, but some just want to do it this way.

    thanks for your response.
    Happy April 15th!
    Tags: None
    • appelman
      Senior Member
      • Jan 2010
      • 1195
      #2
      And donee's basis...

      Is subject to usual rules for basis of a gift.
      Evan Appelman, EA

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