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If this amount is a gift you would need to prepare a gift tax return form 709. The taxable gift is any amount that is more than $14,000 given to an individual. The lifetime gift and estate exclusion is $5.45 million. So your taxable gift would go against this amount and reduce the $5.45 million.
There would be no tax on the gift as long as you have not previously made large gifts in the past that have exhausted your exclusion.
It is just to keep track of a running total of your gifts during your lifetime. So there would be no taxes as long as the 5.45 million has not been exceeded. You of course would need to convert GBP to $USD
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You mentioned that you had an account with $220,000 GBP. Have you been filing FBAR' reports for disclosing the foreign account?
If you are 50% owner it sounds like the payment to your son was not a gift. The investment in the home would not result in any tax benefits. The only tax benefits would be if you paid mortgage interest and property taxes you could claim these as an itemized deduction for a second home.
If you have no ownership in the property it would be a gift. I agree.