Dash man
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I have a question about passing a rental property on to our heirs and the basis for taxes when sold. We have been taking depreciation on a rental property for 12 years and the property is not currently in our family trust. If we died the cost basis would be reset to the current market value and the kids would not have to pay tax on recouped depreciation if they sold it.
If we moved the ownership of the property into our trust, would the cost basis be reset upon our death or would the IRS consider ownership to still be the trust and keep the tax basis the same?
If we moved the ownership of the property into our trust, would the cost basis be reset upon our death or would the IRS consider ownership to still be the trust and keep the tax basis the same?