Recent death in family, created trust with rental properties. Completed a certified appraisal for step up, but now selling properties at much lower value. Is that a tax loss on 1041 and passed through to the beneficiaries?
Yes - completely 3rd party sales, I believe higher interest rates and the fact these were rentals (not in pristine condition) has lowered their true market value. Trust does not desire to invest in the properties, to upgrade or remodel dated areas.
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