He also offers coaching where you joint venture on deals.

The parent must file a gift tax return annually, and any remaining balance is included in the estate.If the home was your primary residence for at least 2 of the last 5 years, you may exclude up to $250,000 ($500,000 if married filing jointly) of capital gains from taxes.

Whether it’s advice, joint ventures, or even just sharing your experiences, your input would mean a lot.Feel free to drop a comment below or message me directly.

I have the opportunity to help a family member be part of a joint venture with them putting the down payment down.  

I would definitely speak with an attorney before selling/disposing of the property prior to the court addressing the joint assets - you could easily open a can of worms.

Some thoughts to consider:If you sell now, you are unlikely to pay capital gains taxes as your first 250k (500k if married and filling jointly) aren't reported.Doing your first rental remotely is undesirable without 1.)

As long as you're filing jointly, both meeting the 2 yr use test, and either meeting the ownership test, then the full $500k can be claimed. 

Keep track of 3 buckets.1) Owner occupied portion - potential deductions for schedule A2) Tenant occupied portion - potential deductions for schedule E3) Jointly occupied portion - likely prorated for both schedules.There are nuances to this, so I recommend looking for a tax pro who can coach you on this. 

Might have to do a joint venture. 

I'm looking for advice on a situation with an investment property my business partner and I purchased in June 2024 under our joint LLC in Springfield, OR.