While the lifetime federal gift tax exemption is $13.61 million dollars, the annual exemption if $18,000. So, you should file a gift tax return if you make the gift, even though it won't be taxable until your lifetime gifts exceed $13.61 million.
As mentioned by @VolvoGirl if you allowed your daughter to inherit the property, she would have a basis equal to the fair market value on the date or your demise, as opposed to your basis of $150,000 if you gifted it now. So from a tax stand point it would be better not to gift it to her, but let her inherit it.
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