No, it's not. If you show that you sold the house for zero dollars you're going to have a huge loss on the property that you are not allowed to take. Whether you like it or not you gave the house away so you can't take a loss on the sale that benefits your tax return. You have two choices on how to enter it-
You can enter it as a gift or you can enter it as a sale for the exact amount that the property is worth on the date of the sale. The first is accurate because it is technically a gift but I know that isn't what you want to enter. The second is accurate because the basis is transferring to your son. The property he will be depreciating going forward should have the exact same basis as the property does when you transfer it to him. The second one may require that you do a little math but the sale of the property should zero out exactly when you're done.
@DW448
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
