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I have a question perhaps someone could answer... If someone bought a property three years ago that had HOA and a mortgage for investment purposes... and deducted them from their taxes the last three years but sells the house for the same value they bought it for to a family member... is that okay?
What Michele said above if it was a true investment and you depreciated it on your taxes. I assume You did not live in the house ?
You can sell the house for any amount to anyone. If they are getting a loan it usually needs to appraise for the sales price and that may be difficult in todays market.
Make sure there is nothing fraudulent in what your doing.
Yes, I do believe Mike J is right. Whether you depreciated it or not, the IRS assumes you did.
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