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Updated almost 3 years ago,
I co own - should he gift me the prop? To avoid capital gains
My brother and I plan on selling our property that only I have been living in for 2 years (I pay him $600/mo for rent. My brother lives in his primary). On title, He owns 25% and I own 75%.
For him to avoid capital gain tax, should he gift me the property? Or can I remove his name from the title? I would then use the funds for another property 1 year from now and add him on that title as a certain % owner.
or
Should he just pay capital gains tax on about $50k?
any advice is appreciated. Thank you!!!