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The deduction aspect of the question has been addressed.

There is no reason you can not do some tax/estate planning now, after the fact. For example, the property can be moved into a trust without any issues from the lender (due on sale clause does not apply in the case of estate planning using a trust). The trust can be set up to account for the preferences of you and your husband and for the impact of the tax rules.

So, do not assume you missed the boat when it comes to favorable tax planning.

John
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