In 2010 my wife and I purchased a condo in Mass. In the same year we added our son as an owner (and primary resident) for "a consideration less than $100". This condo is held as joint tenants. In 2024 we are in the process of selling this condo. Starting in 2010 and for each subsequent year my wife and I have been gifting to our son our maximum annual individual gifts in the form of our share of ownership. We are estimating that in tax year 2024 there will be a capital gain of about $200,000. (Purchase of $180K plus renovations of $85K and closing costs of $30K; with selling price at $600K). Do we need to file also file a Gift Tax return in 2024 or do we now have no capital gains on this sale since our 2/3rds ownership has since past to our son (by year 2022)?
Thanks
