#Good news! The IRS has extended the tax deadline to April 18th! As long as you submit your federal return by midnight on 4/18/2018, you won't be considered a late filer for your federal return. Direct debit tax payments that are submitted with your federal return (or on the IRS website) by 4/18 are also considered timely filed ×

I sold business property to a relative. Do I still have to claim it?

 

Yes, you still have to report it but you cannot deduct losses on the sale or exchange of property between you and your relative (the IRS calls them “related persons”).

Go to this section in Credit Karma Tax: Sale of Business or Rental Property

The IRS is a little more stringent when it comes to selling or exchanging property with a relative. In order to prevent taxpayers from taking excessive losses, you are not allowed to deduct a loss on the sale or exchange of property to a relative.

Gains from the sale of business property to a relative may be treated as ordinary income.
There is an exception to this rule: no gain or loss is recognized when property is transferred from an individual to (or in trust for the benefit of) a spouse or ex-spouse as part of a divorce agreement.
Source: irs.gov

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