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Want to know about selling an investment property for a huge

Want to know about selling...
Want to know about selling an investment property (Commercial Office Building or a mobile home park) for a huge amount to my children so they can have depreciation available to write off each year and some way they could still pay me most of the annual income generated by it.

I'm thinking that since I could sell it and offset the sale with hundreds of thousands of short term stock losses I wouldn't have to pay taxes on the sale and they would get the benefit of writting off the depreciation each year off their income taxes.
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Answered in 11 hours by:
4/1/2010
Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3,118
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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The Internal Revenue Code prohibits a seller from realizing "capital gain" on a sale to related parties where the related parties will be able to depreciate whatever is being sold - that would negate your anticipated benefits.

 

jon

Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3,118
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
Verified
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Category: Tax
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Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.

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