Q: My brother and I own rental houses jointly in our home states, Washington and California. We've decided to split up.
I'll take the houses in my state and he'll take the one in his. I'll pay him the difference to equalize the values. Can we just sign quit claim deeds and are there any tax consequences? The houses have all been appraised and we agree on these terms.
A: If either of you enters into this planned transaction without benefit any lawyer's advice, IMPO one or both of you will probably not like the result.
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