Investment Property Depreciation Deduction Recapture

Short version: is there a way to avoid the income tax hit when selling an investment property on which you have been taking the depreciation deduction OTHER THAN a 1031 swap?

We own a single family rental property with no mortgage and have taken the depreciation deduction for 2 tax years. We lived in the home for 8 months before renting it out. Plan is to hold and use as income to pay for kids college / allow them to live there if they stay local. My understanding is that if we do sell in the next 27.5 years we would pay cap gains plus the total amount of the depreciation deduction that had been taken over the full tenure of ownership (roughly $300,000).

I plan to be fabulously wealthy at that point in time so I will laugh in the face of taxes and gladly pay for the services I and others receive from the federal government. But if I’m not, I would like to minimize my tax burden.

I know I can 1031 swap, but what happens if we transfer the property to our children? Does the stepped up basis for capital gains also apply to their income and reduce the income from the depreciation deduction?

Details: MFJ, own the property with no mortgage and have taken the deduction for 2 tax years. No plan to sell or 1031 swap.