If my parents GAVE me their timeshare, does that legally mean I am a buyer? No money was exchanged, just transferred.
1 Answer from Attorneys
It means you are a donee. Your taxable basis in the timeshare is the same as your parents' upon their acquisition. Although unlikely, there could be gift tax consequences depending on the value of the timeshare at the time you received it. You and your parents should be sure to bring the transaction to the attention of your respective tax preparers next year (assuming the transfer took place this year).