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There will be no tax implication when you transfer the property to you and your sister. The portion that you give to your sister would be a "gift" - if the interest in the property that you are transferring to your sister is greater than $14,000 you would file a gift tax return, although no tax would actually be due since you have not given away more than $5.2 million during your life
Then, when she buys you out you only have a taxable transaction if she pays you more than what you have invested in the property.
If she simply pays you what you have invested in the property, it's return of basis and there is no capital gain
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