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joint tenants

  1. Do I pay capital gain tax if co-owner leaves on a mutual release of rental property?

    I have a rental property with a friend who decided to take money out of the house (me and him on the title). So I decided to buy him out. We signed a mutual release that for 80K he is transferring his interest of the property to me and my spouse (now we are on the title as joint tenants)...