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postponing capital gains taxes
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sharmoren0112
Level 4
02-04-2024
09:57 AM
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I have a client who wants to leave a rental property to her kids when she dies. What is the best way to handle this? Will there be capital gains taxes or other tax consequence to them if they decide to sell it? I know the depreciation taken over the years will need to be accounted for; but I heard something about a section 531 postponement that may help. But I haven't been able to find anything on it. Lastly, does Pro Series have a training video or class I can take? Please advise. Thank you!
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IRonMaN
Level 15
02-04-2024
10:08 AM
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If the kids inherit the property after she reaches the great rental property in the sky, they get a step up in basis so if they sell it shortly after her death there shouldn't be any gain involved.
Slava Ukraini!
