If I give my 1/3 of an apartment in Ukraine (I'm a US citizen living in CA) to a family member and won't make any money from it, what should I expect in terms of taxes?

[borissirob]

My name was added to the apartment's deed when I was very young, it belongs to my grandmother (who currently lives there) and I want give her my 1/3. So I wanted to ask someone what I should I expect in terms of taxes? 

[Hal_Al · Accepted solution]

You realized no income, so nothing gets reported on your income tax return.

You may have to file a gift tax return. "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.

See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...