Buy out co-owner and avoid capital gains

[Kaylyn T.]

Hi BP community,

I want to buy my co-owner out of a property. Does anyone know if it's possible to pay all cash to take their name off of the deed, thereby avoiding closing costs, refinancing, capital gains, etc? It's a single family home with about 50k left on the mortgage. If it can be done, what are some ways that would work?

Thanks!

Kaylyn