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Business & farm
I am not a tax professional, but I believe that the answers I am receiving are assuming that the loss carryforward was incurred by the grantor, it was not, it has been incurred by the inherited owners after his death, but while still in the grantors trust with EIN.
The property was never taken out of his trust because it had an outstanding loan against it and we were told that the property could not transfer out of the trust without causing the mortgage company to call the note.
We inherited, received basis valuation, received exclusion from tax increase as parent/child, began taking depreciation allowance, but have made repairs while still in the trust, incurring loss carryforward.
I just want to know if when I do transfer this property's deed into our names as tenants in common that we can continue to claim the loss carryforward and accumulated depreciation.
A local CPA is telling me that I cannot assume the loss carryforward, but that makes no sense, especially when I will be able to assume the accumulated depreciation.