Capital Gains Split on Sale of Rental
A partner and I are selling a rental SFR. We own it 50/50 and have reported all income, expenses and depreciation on our tax returns 50/50 since we have owned it. We would like to split the sales proceeds 70/30 to give the bulk of capital gains to one partner. Can I do this? Or are we required to each take 50% of the sales proceeds?
FYI - the property was initially purchased by one of us, and then 50% was quitclaimed to the other. Prperty is in CA.