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joedesurne12231
New Member

My son had been renting a house from me for a number of years, but in January 2016 I turned the house over to him., no money was exchanged. What forms do I need to fill out on my return.

 
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Coleen3
Intuit Alumni

My son had been renting a house from me for a number of years, but in January 2016 I turned the house over to him., no money was exchanged. What forms do I need to fill out on my return.

You would need to fill out a gift tax form. While you will not actually have to pay the tax, you will still need to file the Form 709. Read the information in the following links for a more in-depth explanation. You would have to download the form from the IRS.


https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax/INF12036.htm...

http://www.elderlawanswers.com/giving-your-home-to-your-children-can-have-tax-consequences-9667

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Coleen3
Intuit Alumni

My son had been renting a house from me for a number of years, but in January 2016 I turned the house over to him., no money was exchanged. What forms do I need to fill out on my return.

You would need to fill out a gift tax form. While you will not actually have to pay the tax, you will still need to file the Form 709. Read the information in the following links for a more in-depth explanation. You would have to download the form from the IRS.


https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax/INF12036.htm...

http://www.elderlawanswers.com/giving-your-home-to-your-children-can-have-tax-consequences-9667

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