You can do a combination sale and gift. You can sell you share to them for an amount equal to your cost basis (generally what you originally paid). That way you have no taxable gain. If the home is worth more than what you paid for it, you will be making a gift of equity to your kids. That gift amount is subject to reporting on a gift tax return, if the amount exceeds the annual exclusion, currently $16K per person ($32K to a married couple).
If you sell the home to family, at a loss, you are not allowed to claim a deductible capital loss.
