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Tax implications of removing name from title

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Junior Member
What is the name of your state? Virginia

My fiance and I who are legal "joint tenants" in a property (even though the mortgage is only in my name) have decided to separate and we'd like to remove his name from the title. My title company has told me to consult an attorney, as there may be tax implications in removing his name from the title (as opposed to a straighforward divorce where exceptions are given for such separations). What gift taxes (him) or more importantly (to me) income taxes will be incurred if we simply remove his name from the title? And on what value is each of the taxes determined? And are there any exceptions (like in cases of a planned marriage/engagement) or loopholes in the law? I have read a little bit about gift taxes, but cannot find much on the potential income tax implications (which is what is most important to me being the one remaining on the title). Can you help?

Thank you!What is the name of your state?

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