The plan is to "gift" my share of the property to the other owner. There was equal investment
at purchase. I however have solely paid all expenses for the past 7 years from rental income which was often insufficient to cover all costs. The other joint owner would not cooperate with a sale. I can no longer subsidize the property and my solution is to "disown" it. I would appreciate knowing the possible tax consequences.
If this issue pertained to FL real estate, I would first ask if there is a mortgage on the property. If so, deeding to the co-owner would not remove you from liability on that loan. Next, does the property have equity? If so, reconsider the proposed transfer as a partition suit could force the sale and allow you to obtain your half of that equity plus reimbursement for the co-owner's unpaid share of expenses. Finally, even if you wish to deed to the co-owner, is that co-owner willing to accept the deed? A conveyanace requires delivery and acceptance, it is not sufficient merely that you wish to convey. See a MT attorney for guidance on these important issues.
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