All Forum Posts by: Blake Cougle

Thank you all for your time and ideas.

My faux pas on $0 basis, I meant the opposite. Yes its fully depreciated. 

I have been beating on this for months with CPA and lawyers. I hoped this community might have an insight we haven't thought of.  

Phillip, it is in a trust. Waiting is the best option, but I am hesitant to put alot of money into something I don't own. Plus the law or CG rate could change by then. Her mom lived to 94, her grandma, 98. She does volunteer 6 hr days twice a week. Thanks 

My mom is turning 90 this month and is no longer interested in a 7 unit building. I want to take it over but the capital gains would be 50k. Upon her death it passes without CG and transfers with a $0 basis.  I want to upgrade the units (cir 1974) to increase rent and improve the quality of tenants. 

I am considering a master lease and a letter of understanding with my siblings to keep the building at its unremodeled value when it transfers, and will buy them out at that time. I am a 66 yr old retired General Contractor and would like to get the remodeling done while I still can.

Any ideas?