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M
MAYFERNANDEZ
Level 3
June 19, 2020

Real Estate property

  • June 19, 2020
  • 1 reply
  • 4 views

I have a clients(they're sibling) and parents give them the property as a gift and they put it rental property for 2 years and planning to sell it now, How I can split the capital gain to both of them? When parents give this property to them, it's been a rental property of years and they have a lot of equity already. Please advice.

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    1 reply

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    June 19, 2020

    Which software are you using?

    How have the rental income and expenses been reported each year?  50/50 on Sch E of each sibling's 1040 return?  Did you use the parents basis to set up the asset depreciation on the rental?

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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