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William Ellis, CPA
William Ellis, CPA, CPA
Category: Tax
Satisfied Customers: 296
Experience:  Over 15 years of experience in public accounting
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hello, I have a real estate tax question. I am going to sell

Customer Question

hello, I have a real estate tax question.
I am going to sell a rental that I have had for 20 years.
It is in my daughter's name at the present because she was going to purchase it but changed her mind.
I know that taxes will be high since I have depreciated it over the years and don't plan to replace it with another rental but
My question is this......should I leave it in her name, in order to pay less taxes? Her income is about 45K, mine is about 150K.
Submitted: 9 months ago.
Category: Tax
Expert:  Anne replied 9 months ago.

Anne :

Hi

Anne :

Thank you for using justanswer

Anne :

Unfortunately, unless you can prove that your daughter took ownership of the property (which would involve her paying real estate taxes, and some sort of house payment either to you or to a bank along with registering her ownership with the tax assessor/register of deeds) IRS is likely to look at this as possible tax evasion.

Anne :

I understand that that was not your intent

Anne :

I understand that you may be disappointed by the Answer you received, as it may not necessarily be favorable to your situation. Had I been able to provide an Answer which might have given you a successful legal outcome, it would have been my pleasure to do so.

Anne :

I had notice that you were typing, but nothing showed

Anne :

Did you make a post to my answer? Sometimes we have a problem with the chat rooms and have to change the format

Anne :

Let me change the format

Anne :

I'm not getting any postings from you

Anne :

hold on just a moment

Expert:  Anne replied 9 months ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  Anne replied 9 months ago.
Ok.......I have changed the format to Q&A. If you had follow up questions or comments on my answer, you can post them here.
Expert:  William Ellis, CPA replied 8 months ago.
Hello and thank you for allowing us at Just Answer to assist you. If your daughter's name is XXXXXXXXX XX any tax forms such as a Form 1098 for mortgage interest and/or Form 1099-Misc showing the rental income, there's no issue regarding tax evasion.

If you are willing to keep this property for your daughter or consider a like-kind exchange, you could gift the property to her in installments.

Thanks,

Bill Ellis

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