Gifting a rental property to your kids
Varies
Can You Write Off Gifting a Rental Property to Your Kids?
Short answer: Your kids take over your basis and depreciation history, so they inherit the built-in gain; a gift over $19,000 means filing a gift tax return.
Holding it until death usually gives a stepped-up basis instead.
Records to keep: Keep leases, receipts, a log of repairs vs improvements, mileage to the property, and closing statements.
Gifting a rental property to your kids
Varies
Real Estate / Landlords / Property Managers / Agents
Your kids take over your basis and depreciation history, so they inherit the built-in gain; a gift over $19,000 means filing a gift tax return.
Business justification
Your kids take over your basis and depreciation history, so they inherit the built-in gain; a gift over $19,000 means filing a gift tax return. Holding it until death usually gives a stepped-up basis instead.
Category
- Rental Property Write-Offs