@TomD8: <<It might make a very big difference when son sells the property. If the split were 50/50, only 50% of the cost basis would be stepped up to the FMV at death; if the split is 90/10, 90% of the cost basis is stepped up. The higher the cost basis, the lower the capital gain tax the son will have to pay at sale.>>
That wasn't my point and I get what you are saying....higher basis is better for the son.....but where the father gives cash to the son first and then the son immediately uses the cash to pay his full share of the 50% a gift tax return needs to be filed.....where the father does ***NOT*** give the son cash first but pays 90% of the cost at closing a gift tax return does ***NOT*** need to be filed because there is no gift according to the IRS.....does that make sense to you? It doesn't to me.
