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Good afternoon. Yes, you can transfer the property to your son by gift. Once transferred, he will be entitled to the interest on the property and would need to report it on his income tax return.
With regard to the gift there should be no gift tax
consequences. Each donor can give $14,000 per year per person under the annual gift exclusion. In addition to that, each person has a $5,000,000 lifetime exemption....which means a person can give a cumulative amount of up to $5,000,000 in gifts without incurring gift tax....the donor must file a gift tax return (FORM 709) to let the IRS know how much of the lifetime exemption is being used, but there will be no gift tax until cumulative gifts have exceeded the $5,000,000.
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