I'm actually selling it to the son I mentioned, at a steep discount, actually what I paid for it 9 years ago. Seems that's also my cost basis so the difference between that, and fair market value, will be treated as a gift, subject to gift tax rules. I think I have that part figured out. I was hoping I could get it below $64,000 so I wouldn't need to report it. My wife and I are titled now. We are doing a family transfer to my son and his wife. So, $64,000 exempt and about $50,000 pushed to our lifetime estate exemption. We're not wealthy so that part is irrelevant. I just didn't want to bother with it. If you think I overlooked something please let me know.
