Assuming you sell the property for $61,000 - considering the FMV of $80,000 - that means you are selling $61,000/$80,000*100% = 76% of the property and gifting 24% - or $19,000.
Your basis attributable to part you are selling will be $56,000 (please verify if you need to add any other expenses)*76% = $42,560
Your capital gain on the part you are selling will be $61,000 - $42,560 = $18,440.
If you are filing married jointly - your taxable income will be $71,000 - $10900(standard deduction - assuming you are not itemize - please verify) - $7000(personal exemptions for two persons) = $53,100 - so you are in the 15% tax bracket (up to $65,100).
If you add long term capital gain - your total taxable gain will be $53,100 + $18,440 = $71540 - that will push you into 25% tax bracket - and your long term capital gain will be taxable:
$65,100 - $53,100 = $12,000 will be taxed at 5% - $600
$18,440 - $12,000 = $6,440 will be taxed at 15% - $966
total long term capital gain taxes $1566
As ther e will be a gift of $19,000 - you are required to file a gift tax return. There will not be any gift tax. You will use form 709 - http://www.irs.gov/pub/irs-pdf/f709.pdf
I glad that you are asking before you are selling - you may be better prepared. Please let me know if any clarification needed.