Tax issues with a rental home
I own half interest in a home in Florida with an X girlfriend.She is incarcerated
and will be for the next four years.She has no income or assets and wants to retain the home even though I am paying for all the repairs. The home has equity in the neighborhood of
35k total.I had planned on giving my interest in this home to her until my CPA informed me that if I dispose of the property I will roughly have a 9K tax liability I am on the quit claim deed but am not on the mortgage.I want to dispose of this property for financial reasons.I have paid the Real estate fees to sell the home.I am looking for ideas on this situation??