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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121585  
Subject: Re: Rental Sale/Taxes Question Date: 1/25/2002 11:48 PM
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I have recently transferred my house to my parents. When I did my dad said that the way to do it was show the sale cost as "$10 plus considerations". He says that this is occasionally done but now that I have thought about it I am wondering how to show it on my taxes. Is this going to be a problem (potential audit)?

It will be if you don't get it right.

You don't say anything in the body of your post, but your subject line mentions rental. When you dispose of rental property you have some recapture issues to deal with. In addition, if you gave the property to your parents for less than its fair market value, there are probably gift tax issues.

I suggest you take this to a professional.

Phil Marti
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