Hello, my sister and I own a house together 50/50. We are on the title as joint tenants. House was purchased back in 09’ for 140k and current market value is around 500k. I’m looking to give my half to her so she’ll have the house 100%. Will that 50% be considered capital gains for myself? If so, how can one figure out how much it might cost me in taxes. I spoke with the city in regards to removing my name from the title, and being that we’re joint tenants apparently either one of us can be removed from the title at any time so long as the other remains on title without the house being reassessed. Would appreciate any insight! thank you
Gifting property to a sibling
byu/Agitated-Bicycle-155 intax
Posted by Agitated-Bicycle-155
1 Comment
this is a gift, it is not a gain realization event for you, you will not owe any income tax as a result of this
this is a gift, it is not a gain realization for her, she will not owe any income tax as a result of this
you are a good person