Recently I set up a special needs trust for my son, who is permanently disabled. This year (2022) I plan to give the house that I own (and where he lives) to the trust. I purchased the house in 1999 for about $120K, and it has a current fair market value of about $300k. The house has two apartments and has been treated as a rental property for taxable income and depreciation.

1. Since I will not receive payment for the house, can I assume that I will not have any capital gains when I file 2022 taxes? 

2. For gift tax recording, is the value of the gift the same as the current basis, as if I had sold the property?

3. Anything else I should know?

Thank you!