I rented to my father until Oct '21, when I made him 49% owner. He passed in Dec '22 and ownership reverted. I started renting again in Feb '23. How do I handle this?

Forum|Forum|2 years ago
March 20, 2024
1 reply
0 views

Specifically thinking about things like depreciation. Additionally, the house address (not the parcel number) changed during the process. I know I will have tax liability to sort out when I eventually sell, but I'm just trying to properly handle 2023 rental income/expenses.

TurboTax Online

DianeW777

We need some clarification in order to help you.

Was this house set up as a rental when you rented to your father?
Did you always rent at fair rental value?
Do you live in this same home?
Did you have a gift tax return completed when you made your father 49% owner of the property or did he pay you for it?
How was it handled when the property reverted back to you?

Once we have a few more details about what has taken place during the rental periods we can provide more specific answers to your questions.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"