It depends on the type of life estate. If it's an enhanced life estate a.k.a Lady Bird Deed, no gift tax return requirement.  

No need to record the transfer on a 1040.

it’s used most commonly by a parent transferring or gifting property to a child but allows the parent to retain the rights and benefits (i.e. state homestead benefits, etc.) in the property.
The deed is transferred with a clause giving the transferor ‘life estate’ or more practically, life tenancy in the property. 
it avoids probate, has some benefit in Medicaid planning and can avoid some trusts.

I think Fred is asking about gift tax reporting.

Does your State offer Transfer on Death deeds? It's easy to do. No gift or tax considerations.

My next best-seller is "How To Avoid Beneficiary Deeds."  Actually, they're useful in some circumstances, where there is only one beneficiary or maybe two.  The first problem is that they are public record, so you're telling the world your estate plan.  The world might not care, but your beneficiary's creditors will be watching for your death.  Second problem is that contingent beneficiaries are difficult to include and describe.  "In equal shares to my four children, but if Adam dies it goes to his wife, and if Bill dies it goes to his three kids, except the one who is in prison."