The nature of the question almost suggests a tax avoidance scheme - put the property in 4 names so that each is under the tax limits. If the idea is to "gift" the property to 3 other co-owners, be aware that gift tax returns must be filed for any gift over $14K and then the proceeds form that gift belong to the person that it was gifted to with no-strings-attached. If the sale proceeds are "gifted" back to the original owner, then the IRS would say that it was never a true gift in the first place, but a scam to avoid tax.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
