Selling my share of Rental Property and land

[Iggy]

My brother and Inherited a home and some land around 1989 and we do not have any liens.
My brother and I have split everything 50/50 in the past.
We have not gained much in rent as we have reinvested in the house and paid taxes and insurance over the years.
Our names are both on the deeds.
Neither of have lived inthe house at all.

I want out of this partnership

My brother wants to keep the house and property and offered to me $300,000 cash to sign it over to him.
This is fair and I'm considering this.

If I go ahead and do this what type of Capaital gains will I have to consider?
Presently I'm in the 15% tax bracket and retired.
What can I write off on taxes after the transfer? Costs travel to make the transacation and any legal costs? 50/50
Do we need to get a piece of paper from a lawyer the transfer or can we do it ourselves?

Any iinformation or advice would be greatlyt appreciated.

[Freelancier]

The best advice is to spend about $400 (tax deductible) on buying 2 hours of a local accountant's time to get all your questions resolved to your satisfaction.

One question you probably need for the accountant: what was the declared basis for the home's value when you inherited it over 20 years ago?

[Business Attorney]

As Freelancier says, you should really talk to an accountant. It probably wouldn't even take 2 hours.

As for the transfer, you can certainly do a quit claim deed yourselves and record it, but for a $300,000 transaction I think it is silly not to spend a couple of hundred dollars to have an attorney make sure that everything is done properly. Of course, the risk is really on your brother, not on you. If there is some question about the documents when he or his heirs decide to sell the property, he is the one that is going to have to figure out how to correct it.

[SwedeTampa]

In order both for you to know if it a good deal and to know how much you will be taxes you need to know what the house was valued at in 1989.