Do I have to pay gift tax on a house I gift to my son?

[helenkaannies]

I inherited my parents home when they passed away over 10 years ago. One of my sons lived there for a time and now another son lives there. I want to give the house to him. Do I have to pay gift tax on the value of the house?

Do I pay any kind of tax like capital gains, etc.?

[Hal_Al · Accepted solution]

Probably not, but you do need to file a gift tax return (form 709).

 "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/...