do not answer on a public forum.I have done it as trustee on 3 properties fairly recently and helped another trustee a couple/few times long ago.The step up basis is time of death (TOD) value.  

Its a fairly common strategy.

Remember your situation is unique so it's important to consult with a tax advisor or CPA to explore all available options and ensure compliance with tax regulations.Thanks!

If a cost segregation study was performed, the accelerated depreciation may further reduce the property’s basis, potentially increasing taxable capital gains when sold.Depreciation recapture will occur when you sell the personal residence, so it’s essential to keep detailed records of all depreciation claimed while the property was used as a rental to ensure accurate tax reporting at that time.This post does not create a CPA-Client relationship.

Hello, I currently own a single family house with an ADU, and a duplex. I have house hacked both properties while updating them. I’ve done my research with (reading books, podcasts, etc) but still feel like I’m not do...

@Sanjai Dayal If your LLC owns the commercial building and leases space to your medical practice LLC, it’s essential to charge rent at fair market value (FMV) to avoid IRS scrutiny.

This approach gives you the opportunity to thoroughly screen potential tenants, ensuring they align with your values and standards.

Verify its condition and ensure the seller discloses any known issues.

Be careful not to violate any Fair Housing laws during this process.

It is disheartening to witness a mentorship program that boasts substantial financial success, with students allegedly earning substantial monthly incomes, yet fails to ensure that their own employees receive even the minimum wage they are entitled to.