How do I report transferring (gifting) my residence to my children?

[community_rwl01]

How do I report transferring (gifting) my residence to my children?

[Bsch4477]

Gifts are reported on Form 709.  Be sure to download the instructions as well as the form when they become available. TurboTax does not support that form which should be mailed to the IRS separately from your return. 

[NCperson]

@community_rwl01 have you talked to a lawyer? depending on the circumstances, you may be better off leaving the house to the children in your will than gifting it to them now.  If you gift it, they take on your cost basis and they can lose the benefit of the capital gains deferrment.... 

[Mike9241]

you may need to talk to a lawyer. if the children now are the actual owners of the house, they can sell it from under you and a new owner could possibly have you evicted. 

[xmasbaby0]

And.....if this is a choice you are making in anticipation of going on Medicaid if you need long term care in a nursing home, you need to be aware that there is a five year lookback to any assets you give away and the kids who receive the house could owe to Medicaid.   Consult an elder law attorney or an estate planner.