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You do not have to report a sale on the house, because you do not have a gain on the sale of the home.
If the value of your basis in the house was more than $14,000, you will need to keep track of this transaction as a gift because it will reduce the total of your lifetime estate tax exemption. The lifetime gift tax exemption is $5.43 million.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/... for more information on Gift Taxes.
You do not have to report a sale on the house, because you do not have a gain on the sale of the home.
If the value of your basis in the house was more than $14,000, you will need to keep track of this transaction as a gift because it will reduce the total of your lifetime estate tax exemption. The lifetime gift tax exemption is $5.43 million.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/... for more information on Gift Taxes.
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