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.