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.

joedesurne12231 · ‎June 3, 2019

Coleen3 · ‎June 3, 2019

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

View solution in original post

Coleen3 · ‎June 3, 2019

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

Expert does your taxes

Do it yourself

Resources

Support

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.