RobertB4444
Expert Alumni

Get your taxes done using TurboTax

In this case because you are giving the property to your son while you are still alive the property is technically seen as a "gift."  In order to report it you will need to file a separate gift tax return showing the value of the transfer.

 

Gift tax returns are not supported by TurboTax.  You may want to consult a tax professional.  In the meantime here is the IRS's article on Gift Tax Returns.

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