Investors & landlords

There are no income tax consequences at the time of the gift. Your cost basis, in the property, including accumulated depreciation would transfer to your son. When he sells the property in the future, he will use your cost basis to calculate his capital gain. However, if he meets the rules for it being his primary home, some of the gain will be excludable. 

As others have indicated you may need professional help in providing the information he will need for his files. Also, for estate planning, If is usually better for a son to inherited property rather than having it given to him.

Even though nothing goes on your income tax return, a gift tax return may be required. "Gift Tax" is somewhat of a misnomer.  Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.