I thank you for your help and sorry for being so dense, but your last response confused me.
I am simply trying to transfer that carryforward loss with the property out of the trust and into our names and continue to offset that loss against other passive income properties in our names.
A local CPA has suggested that I cannot use that carryforward loss after the property transfers out of the current trust and that it would be lost, unless we sell to a third party.
Will that loss carryforward, that my brother and I incurred after we inherited, stay with the property even after it is transferred out of our father's EIN trust?
It doesn't make any sense that I wouldn't be able to use the loss carryforward just because the deed transfers into our names when we are already the owners as far as the assessor is concerned.
