I have a joint property on which both of us have a gain in access of $250K. Is it possible by one of the joint owner to sell the house to the other partner at a fair market price?
What will be its tax implication. Can the new owner claim $250K gain and adjust the basis to new value.
I assume the other owner who is selling his interest to the other partner will have no issue and will handle his portions of gain as if a property is normally sold.