709 Gift of Rental Property

[Sparky]

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!

[appelman]

And donee's basis...

Is subject to usual rules for basis of a gift.