How do I gift property to a family member? What are the tax benefits? Who does the transaction?

Answer 1

You (as the giver) have to file a Federal Gift Tax return. Depending upon the amount of the gift, YOU may owe gift taxes. The recipient never pays taxes on gifts.

The tax benefit is that there are annual and lifetime exemptions on taxes for gifts that you give. Consult with a tax advisor (CPA or tax attorney) as the rules are complex.