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My son had been renting a house from me for a number of years, but in January 2016 I turned the house over to him., no money was exchanged. What forms do I need to fill out on my return.
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June 3, 2019
10:39 AM
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Deductions & credits
You would need to fill out a gift tax form. While you will not actually have to pay the tax, you will still need to file the Form 709. Read the information in the following links for a more in-depth explanation. You would have to download the form from the IRS.
http://www.elderlawanswers.com/giving-your-home-to-your-children-can-have-tax-consequences-9667
June 3, 2019
10:39 AM