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Transfer (gift) and sale of a depreciated property
I have a rental property in service and depreciated since 1993. Purchased for 110, selling for 146. Don't want another rental right now, so 1031 to a rental not what I'm considering.
What are issues with 709 generation skipping gift to the kid, he Sells? Should bump the basis, what about the taxes on the depreciated part, know it must be recaptured, but at what rate. The kid has no income, college student.
Thoughts on tax rates and legality?
TIA
KEVIN