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Real estate was left in a trust for 2 beneficiarys. Along with the resl estate there are two loans against the properties in the trust. The beneficiarys do not want to assume the debt of the two loans. Although the properties can be sold it will take time and one of the properties has rental income which is currently paying the debt payments. Can the properties be transfered into the beneficiary's names and if they are transfered can the beneficiarys take tax deductions on the rental expenses etc. I guess I am trying to figure out tax wise how the beneficiarys may be effected if properties are transfered. These properties reside in California, Idaho and Oregon.