HOW DO I REPORT THE DISPOSITION OF RENTAL PROPERTY IN THE DONOR'S TAX RETURN?

Forum|Forum|4 years ago
July 24, 2021
2 replies
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Lacerte Tax

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abctax55

Level 15

"donor" indicates something other than a F 1040?

Generally the sale of a rental property ends up on Sch D, with a couple of detours.

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HumanKind... Be Both

George4Tacks

Level 15

If I donate my rental property to a charity, then how might I account for that disposition on my 1040?'

In Screen 17 I indicate a date of sale for each of the assets for that rental.

Answers are easy. Questions are hard!

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WoodsideTomTaxAuthor

Level 2

Schedule D is for sale of assets - however in this situation, the taxpayer is gifting the rental property (which ill be reported in a separate gift tax return) meanwhile we are faced with disposing of the rental property in the donor's return. While schedule d will capture the basis and depreciation data - what do I use as selling price in order NOT to report taxable gain/loss?

BobKamman

Level 15

So now we have established that this is not a gift to charity, but a gift to an individual. Is there a mortgage on the property?

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