Apples Posted March 29, 2022 Report Share Posted March 29, 2022 In 2017 I purchased a principal residence. In 2021, I transferred a 50% interest in the property to my friend. The property is now a principal residence for both of us. Was this transfer a deemed disposition that I need to report? If yes, do I report the full market value of the property, or just the 50% that was transferred, and claim a principal residence exemption? For future reporting, when we sell the property at a later date, does the date and value of my original 50% share stay at the 2017 date and value, or is it reset to the 2021 date and value? Thanks, in advance! Quote Link to comment Share on other sites More sharing options...
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