Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I sold my house to my daughter dollar and she gets 900.00…

Customer Question
I sold my house to...
I sold my house to my daughter for a dollar and she gets 900.00 rent from section 8 cashes it and gives it to me.Now she has to claim it. How can i figure out how much i would have to pay tax on the 900.00. I also pay the taxes and water bill. Thank you Elaine
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 4 minutes by:
2/21/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,847
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello

When you "sold" your house for $1 you actually made a gift so you need to file form 709 and report that gift.

The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not.

You will not pay tax as long as you have not given away more than $5.45 mil over your life but you must report the gift.

The rental is now your daughter's reporting requirement because you no longer own the house. She most likely will not pay tax either because she can claim expenses and depreciation so no rent to pay tax on. She files Schedule E. She can also claim the taxes and water bill as a deduction.

You are not taxed on the $900 she gives you. That is a gift technically from her to you.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

After you read the above respond below

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

I know you must have questions about this, please post if you need clarification.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

The system alerted that you responded but I do not see a post

Ask Your Own Tax Question
Was this answer helpful?
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,847
17,847 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,847 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Where do I find schedule E for rental income and expense. No
Where do I find schedule E for rental income and expense … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Can unpaid rent be deducted on schedule E or anywhere else?
can unpaid rent be deducted on schedule E or anywhere else? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
For 1040 schedule E, if the flooring (carpet, or hardwood)
For 1040 schedule E, if the flooring (carpet, or hardwood) get damaged and replaced, can the cost be considered as “Repair” on Line 14? Or something else?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
Are there any changes on 2017 Forms 4562 and Schedule E (for
are there any changes on 2017 Forms 4562 and Schedule E (for rental property) over previous year 2016? What about Schedule A?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We file a Schedule E to document farm rent and property
We file a Schedule E to document farm rent and property taxes paid for farm owned. Do I need to provided an EIN to the person who is just renting my land for farming. … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I'm filing on e-file and I'm being asked to shop Schedule E
I'm filing on e-file and I'm being asked to shop Schedule E form, I don't have a business, I just lease a condominium. I've got the 1099-MISC from the company I lease to. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is a taxpayer required to complete a gift tax return for
Is a taxpayer required to complete a gift tax return for gifts to non-Americans (i.e., citizens of a different country)? What if the taxpayer is not a US citizen?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
It has to do with depreciation on rental property.
It has to do with depreciation on rental property. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,847 satisfied customers
Can airfare be deducted for a schedule e rental property if
Can airfare be deducted for a schedule e rental property if it was to go and perform maintenance on the property? If so where on schedule e should it be deducted?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Lane, Can property taxes be deducted on form 1041? Say the
Lane,Can property taxes be deducted on form 1041? Say the decedent paid 12,000 in property taxes. Decedent died on August 1st. Should 7,000 be deducted on 1040 Sch A and left over goes to 1041?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My 16 Schedule E's are not showing up on my tax return,
My 16 Schedule E's are not showing up on my tax return, therefore, my return is not correct. I need help BAD. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,847 satisfied customers
I am trying to claim the depreciation on rental property
I am trying to claim the depreciation on rental property placed in Jan 2017. Which section should I claim using 4562 form… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
On the 1040A form how can i deduct state property tax (
on the 1040A form how can i deduct state property tax (Washington State)? … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
232 satisfied customers
TAX PROFESSIONAL ONLY ONLY…NO ONE ELSE Gift Tax Return Form
EMC011075 TAX PROFESSIONAL ONLY ONLY…NO ONE ELSE Gift Tax Return Form 709 when not a CHECK I'm under the assumption when reporting gifts from Parent to Child; make sure the Market Value is Correct and… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Is there any tax benefit to depreciating a rental property
Is there any tax benefit to depreciating a rental property held in an LLC in a Solo 401k? Do I even need to depreciate at all since the balance is below $250k?If there is no benefit, is there some way… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What is the defintion of Fair Rental Days (on schedule E)?
What is the defintion of Fair Rental Days (on schedule E)? And can I include investment land on schedule E if it is owned by my rental property LLC?… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
When a partner contributes depreciated rental property to a
Hi, when a partner contributes depreciated rental property to a partnership, does the partner report anything on partner's individual tax return? Such as a transfer or disposition on Form 4797? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If my Schedule E loss is disallowed for a rental property
If my Schedule E loss is disallowed for a rental property (due to income level), can I take the mortgage interest and real estate taxes paid on Schedule A instead of on Schedule E?The entire expense a… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,232 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x