Joint Tenants Splitting Capital Gains on Rental Property
I am a co-owner of a single family residence that has been a rental since it was purchased. The title is held in Joint tenancy with each owner having 50% ownership. We have each taken 50% of the income, expenses, and depreciation on our tax returns each year.
We are selling the property, and I would like to split the capital gains at 70%-30%, to keep one of us in a lower tax bracket and minimize taxes. Can we do this?