Discussion:Basis in Gifted Property
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| 26 May 2007 | |
| Parents buy condo for daughter in 1991,but they rented it to an outside party until the beginning of 2004. The property was rented until the beginning of 2004.The father dies in 2003. The daughter moves into the condo with the mother in 2004.The daughter claims that the parents keep transferin more and more ownership through the years. I am trying to keep this simple. The mother transfered complete title to the daugher in 2004.
The parents paid 180000 with 30000 depreciation through the years (through 2004)THe adjusted basis is now 150,000. Question The daughter wants to sell the condo in 2007 .What is the adjusted basis of the property to the daughter. | |
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