I am certain that is what he suggested, but I am not certain that he totally understood that my father had passed, basis had been established, depreciation allowance has been taken and the loss was incurred after an EIN had been received.
Would I be safe to eventually transfer this property out of our father's trust into our names and use the carryforward either against future income from this property or other passive income properties on the same tax schedule or when and if we sell it?
I want to combine it onto a tax schedule with another passive income property, as this will be a passive income property when the repairs are finished.
Thanks,
