Every day that God gives is a gift. 

@Kinsey Harris some thoughts:1) Property gifted to you and NOT inherited?

Either gift taxes or capital gains/depreciation recapture.

After reading the thread, I'm still confused if this transferred in 2006, or date of death. if it was transferred in 2006, what was the value of the gift.

But my guess is you are both committed to house hacking and each other so bit of advice; save money for home (my wife and I put money to house over elaborate wedding) and  ask for renovation tools for wedding gifts  :)

Their guests are not permitted to use some of the commercial facilities on the property, such as the onsite restaurant and tiki bar, fitness room, and gift shop. 

This is a gift one of our outgoing tenants left us. 

I give them Starbuck gift certificates, myself!

Guest took responsibility and I gift appreciation in tangible ways to my neighbors for allowing me to take final responsibility and make things right.)You're most likely aware that despite everything we can do, humans are going to be human.

A no-questions-asked gift: Standard deduction.You can always take a standard deduction (with some rare exceptions).