Is removing my name from ownership of principal residence considered a sale? I was joint ownership with my sibling and parent. I merely had my named removed from owner.
Is removing my name from ownership of principal residence considered a sale? I was joint ownership with my sibling and parent. I merely had my named removed from owner.
I went from 25% ownership to 0% ownership of the home. No monetary transaction occurred. Just myself changing ownership of my primary residence. Is this considered a sale?
Is removing my name from ownership of principal residence considered a sale? I was joint ownership with my sibling and parent. I merely had my named removed from owner.
This might be considered a “Deemed Disposition”.
You didn’t actually sell anything, but you no longer own property that you used
to own – and someone else now owns it.
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