I would call Ladd, McCall & Associates, Certified Public Accountants, PA. They are great to work with.
17322 W Catawba Ave
Cornelius, NC 28031-5678
Director North Carolina Operations
BIC / CFA / CSSA
Bastille Real Estate
3611 Mt Holly-Huntersville RD Ste 204-310
Charlotte NC 28216
I believe he will have to take the hit when he sells.
His basis in the property will be zero - instead of the current market value.
He will have to pay the piper when he sells.
There may be a way to transfer the property as part of your estate when you pass. Check with a good estate planner to see what the best and least expensive way (taxwise) would be to structure the transfer.
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