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C
ChiHoang
Level 6
March 20, 2024
Question

Quit claim deed of the rental property

  • March 20, 2024
  • 1 reply
  • 8 views

Parent who have a rental property do a quit claim deed 50% of their ownership to their son. Is the son's cost basis net cost after depreciation for the 50% share of the rental property ? Does the son depreciate his share (net cost) over 27.5 years or the remaining life of the rental property at the time of the transfer ? Thanks 

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1 reply

sjrcpa
sjrcpa
Level 15
March 21, 2024

The son's basis is 50% of the parents' adjusted basis on the date of the gift.

Parents should file a gift tax return.

The more I know the more I don’t know.
    C
    ChiHoangAuthor
    Level 6
    March 21, 2024

    Does the son depreciate his share (50% of the parents' adjusted cost basis) over 27.5 years or the remaining life of the rental property at the date of the gift ? Thanks

    T
    Terry53029Intuit Community Champion
    Intuit Community Champion
    March 21, 2024

    27 1/2. 

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