Is this capital gains? Not my principal residence, removed my name from title when my daughter married and put her husbands name on?

[brendaneilq]

I never lived in the residence, only my daughter. My name was on title and mortgage joint with her, she paid both monthly mortgage and property taxes. When she married, I had my name removed and her husband's name put on for the monetary amount of $1 

[TurboTax-Terry]

It would be considered a disposition for tax purposes. You could claim the proceeds and ACB as the same amount to record the net transfer to your son-in-law.

[Spirit61]

What are the tax implications for removing an individual's name from the title to a property when the property is not the person's primary residence and does not own another but is renting?

[maggyzoie]

Currently my home is in my name and my daughters. It is my primary residence and my daughter lives elsewhere and is renting. She was on the title and mortgage and lived in the house when purchased but after a few years she decided to move out. At that time the house was valued at less than purchase price.  I just never removed her name and she has no claim to any equity. The house is now valued at a considerable amount more than purchase price as well, I have reduced the mortgage amount. How will this affect taxes if I have her name removed now?

[TurboTaxSusan]

@maggyzoie Removing your daughter's name from the home ownership would be a deemed disposition for her. As the home is not your daughter's principal residence, she will be taxed on any deemed proceeds of the disposition, even though she didn't actually recieve anything. So, she might have a heavy tax bill if the property's value has gone up since you bought it. I would recommend you have her talk to a tax accountant before removing her from the title, as there may be ways for her to lessen her tax burden.