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I have been renting a single family home which I own in partnership with my daughter. I would like to convert my share into a 2nd home so that I can get out of rental business and let my dauhgter live in it and take the full tax benefit. Eventually I plan to gift my share to her. What is involved in this conversion. Is there an IRS form to attach with tax return. Loan is in my daughter's name, although I signed trustdeed along with her as both hers and my names are on title. Can I let her take full deduction for interest.
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