Life Estate Acquisition
I recently acquired (2019) Life Estate property from my significant other. He is still living in the house and I am living in my own house (not living together). As I compete my own taxes and as I complete his taxes in TurboTax, do I need to declare/document this in my or his taxes? He will remain in his home until he passes. The deed is now in my name. I could use some advice. Thanks.