Is It Tax-Wise To Pass Rental Properties To Your Kids Before You Pass Away?

In this thought-provoking video, we explore a common question many homeowners face: "Is It Tax-Wise To Pass Rental Properties To Your Kids Before You Pass Away?" If you're contemplating the future of your single-family rental properties and the potential tax implications, you're in the right place.
If you're seeking guidance on whether passing rental properties to your kids is tax-wise, this video is a must-watch. Hit the "Like" button, subscribe for more insightful content, and ring the notification bell to stay updated on our latest real estate and financial discussions.
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#TaxWisePropertyTransfer #RentalProperties #EstatePlanning #RealEstateTax

[@willmallory9085]

Great topic team.

[@DT_123]

Great video, how do you deal with depreciated property on a schedule C for a deceased taxpayer? Do you want to transfer it out to the estate at cost basis on the schedule C? As of the date of death, I’m assuming there is no depreciation recapture and step up basis is not going to schedule C

[@nelsonflores67]

Is only for family home or also mixed used property? If is land only can be donated as well for a deduction?

[@TobyMathis]

It is for any appreciated property. Land can be donated as well. If you owned it for over a year and it is appreciated, you would be using the basis or the FMV, whichever is higher for the deduction.

[@jeffroberdo3492]

Good morning guys. Great video. I have been researching the topic of gifting.
My dad owns the house we live in and he wants to give us the house so we own it. We want to fix it up and sell it and we are wondering if we would qualify for the the 121 exception in 2 years. The values of the home is less than 500k right now. Any advice would be appreciated.

[@notmeee7302]

No do not buy it from him for the reasons clearly stated in this video. Once you buy it from him you now inherit the higher basis/ cost of the home and when you sell it you lose the basis of when your father purchased it. It's better tax wise to have a gifted to you when your father passes it to you in the trust/foundation. Do you like Toby says: your father can create an LLC/trust/501c3/foundation and make you the managers. He can reimburse you via salary, he can set up 401ks, health savings accounts, etc for you and your husband and even provide you an income as property managers for the home you are currently living (his house).

[@TobyMathis]

We recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session: aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.