Selling “Basis” portion of property to a partner
When selling a portion of a property to a partner, is it possible to sell the “basis” value portion of my property and not the “capital gain” portion such that I don’t incur capital gains taxes upon sale?
When selling stocks it’s possible adjust whether selling older or newer shares (first in-last out or first in-first out) so one can effectively choose to sell shares that have more or less capital gain associated. Curious if real estate tax rules have similar flexibility.
Any guidance would be greatly appreciated. Thanks in advance for any help or suggestions!