Trading properties with nephew using Quitclaim deeds.

[Tracey Thornton]

​I own a 5 acre vacant lot in the country. And my nephew owns a 3BR house in a near by town. He and I want to trade the house for the property. I paid $52k for the property in 2007, and he paid $44 for the house in 2015. QUESTIONS ARE?

1. We are wondering if we can swap properties using quitclaum deeds that we fill out ourselves (no lawyers)?
2. Since I paid more for my property,  should I state my selling price as the $44k (same as what my nephew bought his for) , that way I can claim a capital loss on my taxes?