Selling 50% ownership of a property - how to perform this deal?
Hello! I currently own 4 properties in Colorado. A family member wants to give me a large sum of cash and in exchange that person will become a 50% owner of one of my properties. The property in question is currently listed as my primary residence, although we also use it as a short-term vacation rental. My question is, what is the best way to perform this deal? My family member will be giving me a pretty large amount of cash, so what can I do to limit my tax liability? This house is listed as my primary residence so will I need to pay capital gains tax? Is it possible to "sell half of the house"? What would be the best way to add my family member to the deed? Thanks and feel free to post any questions if you have any! Thanks!
Ryan