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Yes, you should be able to do either of those things without triggering any capital gains tax. You have to make a sale or exchange in order to "trigger" a capital gain.
Not unless you were the one selling the property.
There's a big difference between a gift and a sale. Which is it?
If you are talking about gifting the property after you own it, there's no tax impact.
You can't gift something you don't own.
If you are talking about loaning money to your son to purchase something you own, that's a sale.
So, you need to be clear about exactly what you are referring to.
Lay out transaction you are asking about step by step.
Here's what you asked about:
can I gift a portion of the new property
You didn't say anything about the old property being sold or gifted.
Questions? May I clarify anything for you?
He's going to purchase a portion of the new property from you, then you've made a sale of a portion of the new property and you would have a capital gain to report. The transaction would not be eligible for Installment Sale treatment due to the related party rules, so you would have the tax to pay on your gain in the year of sale.
If you were able to purchase 1/2 of a property and invest the entire portion of your proceeds from the sale of the old property and have your son purchase 1/2 of the replacement property from the prior owner (the same owner that is selling to you) then lending him the money to do that would not trigger any capital gain to you.
That, of course would require you & your son to purchase a property twice as expensive as the property you were selling (the old property) in order for you to have a full deferral of your capital gain on the old property.