Updated over 3 years ago on .
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Selling gifted house.
My parents gifted me a house about 8 years ago. I have rented it off and on for since then. I just remodeled it and about to close on a sale.
Questions
Is there a way to deduct the FMV from the profit or is that only for inherent realestate.
Will this qualify for a 1031 exchange.
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- Qualified Intermediary for 1031 Exchanges
- St. Petersburg, FL
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@Carl Trevino, Spot on by @Natalie Kolodij. If you've reported the income ongoing. And it hasn't been your primary residence. I should qualify for a 1031 no problem. Or as Natalie alluded to, at least part of it is probably eligible for a 1031 exchange.
The thing about depreciation is that if you have used that property as an investment you'll have to recapture all the depreciation you either took or could have taken during your ownership. That would make the 1031 look even more desirable.
- Dave Foster
