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We are living with our son currently. We own one half of the house and pays one half of the mortgage. We are planning to gift our half of the house to our son and he will refinance the mortgage so that he will be the only borrower of the mortgage since we both are retired. Should the basis of our gift one half of the purchase price or one half of the downpayment? What is the tax implication to us for the mortgage that is shifted to our son?