Hi,
My parents and I own a rental property by through joint tenancy ownership (each owner own equal share). If I remove both of their names from the title, do they need to pay capital gain taxes as if they sold their share of the property (2/3=66.7%) at market price (appraisal value)?
There wouldn't be any actual transactions, as essentially, we are converting ownership of the property from joint tenancy to sole ownership.
Thanks!
