You will need to report the income on your tax return. As others have stated, whether there is a tax owed will depend on other factors reported on...

Can I reduce taxes on the sale of a rental property by purchasing another rental for equal or higher sales price?

Yes this would be a 1031 exchange. There are significant steps that must be taken prior to closing on the first property. An experienced tax...

The annual gift exclusion for 2018 is $15,000. Therefore you will not need to report the transaction. Since this is a gift it would not be taxable...

How can I get my license back after suspension for non-payment of business taxes?

Retaining a tax attorney to represent you before the MDOR is the smartest choice. Having an experienced attorney assist you in working with the...