Hello all me and my wife will be receiving a gifted property from her Great Aunt and uncle. From my research I have found that they can gift up to 14k per year to each of us totaling 56k for one year since the property is held jointly. My question is they have had the property as a rental for over 27.5 years so it is fully depreciated. That being said I have researched the tax basis and all that as well stating that if the basis is below market value their basis will become our basis. I'm basically trying to find out how it will impact us on taxes and if they will be impacted with taxes. I'm not sure if they would have to pay recapture taxes or any of that other stuff. Now I would assume that since its fully depreciated when we sell the property we would pay the recapture taxes and capital gains. I'm just getting into the rental business myself so all of this is very new to me.