I am a co-owner of a single family residence that has been a rental since it was purchased. The title is held in Joint tenancy with each owner having 50% ownership. We have each taken 50% of the income, expenses, and depreciation on our tax returns each year.

We are selling the property, and I would like to split the capital gains at 70%-30%, to keep one of us in a lower tax bracket and minimize taxes. Can we do this?

the capital gain is divided up based on a percentage of ownership in the rental property, and each party pays his or her respective capital gains tax. This can be favorable or unfavorable based on your individual circumstances.

Thank you for the response.

thank you; good luck~