gift to son, how to fill taxes
I bought a condo for my son (student), deed is joint with me and son. My son lives there and me/wife live there when we visit Florida. We can give 28K tax free to him per year, but his part of downpayment was about 60K.
1. Can we distribute this 60K to 3 yrs, what documentation is needed.
2. Do we need to fill out 709 form?
3. If our goal is that in future full ownership should go to son, and we want to give him ownership worth 28K/yr till he owns it completely and we can do a quit deed, what documentation I should keep?
4. In general, if you could please suggest the least hassled way for me to do.