tax implications of being on a family title
Good Morning,
A friend of mine was put on title of a rental condo as a gift about 5 years ago. Her dad & brother each put 50k in and financed the other 100k, and put her and her brother as co-owners on the title. Her brother took care of it, rented it, etc. They then decided to give her a share of its worth to help her pay down her primary residence. Her brother simply gave her the 50k he originally put in and took her off the title, after being given advice that she wouldn't be taxed because she didn't 'make' any money over the 5 years on the property. Is this at all right? I advised her to consult her own RE tax attorney but was curious what you all thought. Thanks!