Deductions & credits

You already sold the property so you will be liable for any capital gains tax due as a result.

 

However, the gift to your daughters will have no income tax consequences.

 

You may have to file a gift tax return with the IRS (if the gift to each is more than $17,000).

 

See https://www.irs.gov/instructions/i709#en_US_2022_publink16784xd0e314