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Gift of Rental Property???


Colfax Mingo

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It would be a partial gift / partial sale. The amount of consideration is the loan balance assumed of $45,000. 

The amount of the gift is $55, 000, (FMV less consideration).

There is no recognized loss since the amount realized is less than the adjusted basis.

Son would determine basis under reg 1.1015-4(a)

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