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An elderly relative made me joint owner of her property. Now I am sole owner. I am selling this house immediately. The location is Los Angeles, and the value is between 225K and 235K. Now, I can't take such an income tax hit! What are my options? Point me in some directions. I'm approaching panic.
I have no desire to exchange this property for other property, and I have even less than no desire to be a landlord. I am, incidentally, purchasing an existing Subway Sandwich franchise, if that opens any possibilities.
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