Parents on deed, selling rental

[Ramon Olmos]

Hello all, I am thinking of putting my current rental on the market, the mortgage is on my name but I added my parents and sister on the deed. My thought process being, God forbid something happens to me they can avoid probate since were considered joint tenants. My questions is, since they are on the deed will they have to pay capital gains tax if I where to sell? Or would it only be myself because the mortgage is in my name. Are there other tax implications I should worry about with them? A living trust is in the immediate future, just hard to find the time with a baby and 70 hour work weeks. I am located in SoCal. Many thanks.

[Leslie Pappas]

Good question for any accountants on here, a living trust is probably a good idea. I'm not an accountant but I think it depends on whoever "gains" from the property, is it just you or is it dispersed between all of you. But again I would advise checking with an accountant. 

If you do a 1031 exchange then everyone would have to be on the next property.