When putting property in a trust, consider the tax aspects of trusts, such as transferring tax, income taxes, and property tax implications. Adding someone to a deed typically involves a transfer of ownership interest in the property.With that transfer comes potential tax consequences. Do I have to fill out any form to IRS in my tax return this year, if I have transfer a property title to my son? Search tax forms and instructions. To accomplish a successful tax-deferred exchange, the taxpayer that transfers the relinquished property must also acquire the replacement property. However, the fiduciary must give appropriate information to the beneficiaries to enable them to complete their individual Connecticut income tax returns. From this menu you may also enter an optional email address for correspondence from the IRS to the trust or estate. The GST portion of the transfer would not be reported until Pat died or Pat's interest in the trust otherwise ended. Fill in the Record of Estimated Tax.