My wife and I gifted a rental condo to our son who also operated it as a rental.
The market value of the condo was reported as $258,0000 with $129,000 reported on each of our separate form 709 Gift Tax Returns. The computed tax for each of our returns was $43,606. Our lifetime gift credit was reduced by that amount for each of us.
The question is: IF OUR SON SELLS THE CONDO IN 2024 FOR $238,000, DOES HE HAVE A REPORTABLE LOSS OF $20,000 FOR HIS TAX PURPOSES?
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