I have an adult disabled son who receives no govt. aid & works at a low-paying job. I would like to increase his financial security by giving him a rental condo that I purchased in 2013 & currently rent out for a sum that exceeds the mortgage payment. I want my son to take over full ownership of this condo, receive all the rent & also be financially responsible for all the condo costs, such as property taxes & upkeep. The down payment on this $90K condo was $20K. Can the gift of this condo to my son count as my $14,000 IRS gift exemption? How do I transfer ownership of this condo to my son? Must he qualify for his own mortgage, & if so, would the fact that the current rent on the condo covers the loan payments help him get approved? He has $25K in an IRA. Or should I cosign the loan?