@Robert Rixer, Thanks for the advice!

Moving the property to a corporation is horrible horrible advice.Not only does that potentially screw the step up in basis as there would only be step up in basis of corporate shares and not the property itself, but it also locks in real estate losses that can't be passed to the owners.You should consider firing the CPA for giving that advice.

Any advice would help.  

If you have experience, advice or insights, we would love to connect.

Any and all advice is appreciated! 

However, with strategic planning and assistance from experienced real estate accounting professionals, it may still be achievable for part-time investors.Primary Occupation: REPS is primarily tailored for individuals whose primary occupation revolves around real estate management and investment.

Hello Bigger Pockets Community,
I'm Benjamin Carter, and I'm reaching out to tap into the wealth of knowledge and experience within this community regarding a property conundrum my family is facing. We own a secondar...

I have read a ton of the posts on here to pick up some recommendations and advice for managing class C/D properties but always open to more wisdom from my fellow investors!

The specifics of your and their tax situation would make general advice difficult.

I think accountants are more helpful when strategizing taxes and not only filing taxes for you.