How to determine whether to put rental-income property into an LLC

Q: My husband and I jointly bought a rental property this year with our son, who is 18 years old. He has started his own single-owner limited liability company. We are planning to move the property into the LLC so that he can use the rental income from the business for his college expenses.

What is the best way to do this so we avoid future gift taxes? The property cost $124,000. Will there be any tax implications for us if we move the property to our son’s LLC now vs. next year?

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