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I want to sell a rental property to my brother for a price significantly below market value. I bought the house for $90,000 about 10 years ago and plan to sell it to my brother for the amount that remains on the mortgage, about $50,000. My understanding is I can sell the house for any price I choose. I recognize I cannot deduct a loss for income tax purposes and do not plan to do so. I assume my brother's basis will be the $50,000 purchase price. Does this sale have any tax implications I might not have thought of?
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