You may either sell OR gift the property to your son - or a combination of both.
If you gift....
In the US - gift - is not taxable income for the recipient and you do not need to be reported to the IRS.
There is no any amount limit.
Please see for reference IRS publication 525 page 31 left column - -
Gifts and inheritances. In most cases, property you receive as a gift, bequest, or inheritance is not included in your income.....
- while the gift itself is not a taxable income for the donee and is NOT reported on the tax return
- the donor might be required to file a gift tax return (form 709) when the gift is above filing threshold ($14,000 per person per year)
- but most likely - you will not have any gift tax liability (based on the lifetime exclusion that is above $5,450,000).
Let me know if you need any clarification this matter.