bigalcalbisque
Member
California, Orange County
My Father-In-Law passed away last year and left a commercial building in his personal trust and in his will to my wife. We had the building appraised at 3.1 million and it has a mortgage of $970,000. Can we leave it in his personal trust or can my wife create her own personal trust to put the property into? In each situation how does that affect the property tax, will it be re-assesed by the county? Also does she need to change Title and does that have any implications that will raise the property tax assesement? Also the building was purchased in 1985 for 1 million dollars, how does depreciation work under these circumstances, can she also continue to depreciate the property? There has also been some discussion of selling the property to her Brother who currently is the tennent on the building, will he be able to start anew the depreciation from the purchase price he pays? We pretty much understand the Estate Tax issues but could use some advice on the above questions.
Your reponses are greatly appreciated, Al
My Father-In-Law passed away last year and left a commercial building in his personal trust and in his will to my wife. We had the building appraised at 3.1 million and it has a mortgage of $970,000. Can we leave it in his personal trust or can my wife create her own personal trust to put the property into? In each situation how does that affect the property tax, will it be re-assesed by the county? Also does she need to change Title and does that have any implications that will raise the property tax assesement? Also the building was purchased in 1985 for 1 million dollars, how does depreciation work under these circumstances, can she also continue to depreciate the property? There has also been some discussion of selling the property to her Brother who currently is the tennent on the building, will he be able to start anew the depreciation from the purchase price he pays? We pretty much understand the Estate Tax issues but could use some advice on the above questions.
Your reponses are greatly appreciated, Al