We have gifted our home to my wife's oldest son (and we now live in a continuing care facility). It is appraised at $315,000 with no mortgage. I understand that this gift will be tax free and counted against our $5 million exclusion for inheritance. But how do I actually put this on our 1040? I have Googled quite a bit. For example, Form 709 does not seem to apply (no generation skipping), but the directions are long and rather confusing.* Is there another IRS form I should fill out? If so I haven't been able to find it.* For example they give the case of giving your home to your granddaughter.brucedoe
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