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Investors & landlords
"The transfer is nontaxable."
From a federal income tax perspective, the transfer does not need to be reported (since there is obviously no consideration being paid) and the trust will take a carryover basis in the property (accumulated depreciation included).
However, the transfer could be considered a gift (possibly requiring that a gift tax return be filed) depending upon who currently owns the property and the beneficiary(ies) of the trust.
‎June 4, 2019
8:39 PM