@JohnASmith wrote:
1: Assuming my son pays the same as my basis for the house, meaning no gain for me, is the Form 709 all I need to file? Or, do I still have to file a Form 8949 showing no gain, or loss?
You may not have a gain, but you will most likely have to file an 8949 (and Schedule D) for that part of the transaction that is a sale.
@JohnASmith wrote:
2: When determining actual cash value, can I determine that myself based on comps?
You can use comps but be advised that the IRS is only required to accept an appraisal from a certified real estate appraiser as evidence of the fair market value at the time of the gift.
