Quitclaiming one person off joint tenancy- family
I bought a property with a family member (son) and want to put it just in the sons name
We bought it in 2016 as Joint tenancy. For him to get loan I put my name on property, but he made all the payments for the property. Also, I gave him a loan for part of the downpayment that he has been paying me back at 4 %
I wanted to quit claim him off my share. I just wanted to make sure 1. this won't raise property taxes 2. they won't make him do gift tax.
I didn't contribute anything to him except help him qualify for loan and give another loan for downpayment.