Selling a gifted Rental Property

It's possible.  In your situation the fair market value (FMV) has no consequence for your sale. 

The cost to you for tax purposes is the original cost of the property paid by the original owner.  You can add to that any cost for capital improvements made and paid by you.  Assuming the rental property was part of your tax return, you should handle the sale in that section when asked if it was sold.

TurboTax will handle the sale appropriately once you enter the requested information.  Be prepared with the selling expenses and the cost noted above.  Also, if you actually do have a loss it will not be allowed to offset income because you sold it to a related party.  In the case of a loss, the cost would be the same as the selling price, which will create the correct tax results.