Buying property w family member to Qualify. Then Remove Title?

[Susan O.]

Could a father and daughter buy a property and qualify for loan together with shared title.  Then later remove the Father from title a year later?

As long as the Daughter is making all payments on the loan and paying back any costs to Father, could that father be removed from Title as as  "JOINT TENANTS" (not holding as Tenants in common which is more used)

Will there be any tax consequences if the Father is removed from the Joint Tenant title?

[Christopher Phillips]

@Susan O.

It could be done, but the transfer in the father's share of ownership would be considered a gift and he would have to pay taxes on the gift.

Also, non-married people buying a property together like a father/daughter would lose the capital gains exemption.

This is to prevent people from adding their children to dodge estate taxes.