My brother and Inherited a home and some land around 1989 and we do not have any liens.
My brother and I have split everything 50/50 in the past.
We have not gained much in rent as we have reinvested in the house and paid taxes and insurance over the years.
Our names are both on the deeds.
Neither of have lived inthe house at all.
I want out of this partnership
My brother wants to keep the house and property and offered to me $300,000 cash to sign it over to him.
This is fair and I'm considering this.
If I go ahead and do this what type of Capaital gains will I have to consider?
Presently I'm in the 15% tax bracket and retired.
What can I write off on taxes after the transfer? Costs travel to make the transacation and any legal costs? 50/50
Do we need to get a piece of paper from a lawyer the transfer or can we do it ourselves?
Any iinformation or advice would be greatlyt appreciated.
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