I think you need to speak with a real estate attorney of the state in which the property was located.
You may know what you're doing, but each state has their own laws when it comes to real estate and land title.
It is my understanding that a "Life Estate Deed" is not treated as a gift, it is reported on the estate tax return. Also, I don't think you have such a complicated basis, I believe it is handled the same as an inheritance, it just skips probate.
BUT this is beyond the scope of our expertise, again, speak with an attorney.
Life Estate Deeds
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