Joint Property Ownership to Sole
Photo by Sam Hood via Flickr

A Brownstoner reader who bought property with their father is wondering whether it makes more sense to switch it from joint to sole ownership as Dad ages.

stickerhappy writes:

My dad and I bought a multifamily property together a number of year ago, so we jointly own it. As he has gotten older, we started talking about transferring ownership to me as the sole owner.

What is the process and tax implications for going from joint ownership to sole ownership?
Is this a complicated legal process?

Alternately, from a tax and legal standpoint, does it make more sense just to leave it as-is and I would take over sole ownership in the case he passes away?

Have you changed ownership of your home from joint to sole? What was the process like? Share your thoughts in the original post.

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