I own a condo that I have been depreciating for over 14 years. I don't want it anymore. I cannot sell it because the market value of the property is way below the mortgage balance. My cash flow is ok because the rent covers all the expenses plus $75 each month. I am retired with no income tax issues, so I do not need the depreciation anymore. My daughter receives salaries from 2 jobs, but does not own a home, she's single with no dependents, so she could use some tax breaks. Plus, she is getting married in 6 months to a man who also has a decent income from a salary, but no tax write-offs.

I want to give my daughter this condo rental property as a gift.

Question #1: How will this impact her tax situation?
Question #2: How will it impact my tax situation?