Husband & Wife (MFJ) sold a home to their son that has been renting it for a number of years (sch E has been filed for previous years).  Closing statement shows:  

Gift of Equity: $21,292

Water Escrow: $300

Taxes: $2190

Subtotals: $23,782

Due to Seller: $214,218

Totals:  $238,000

Questions: 

What is the sale price I should enter on the Asset Work Sheet?  

Is Form 709 required?  

Is there anything else I might need to report for a sale like this that I might be missing?

Your help is greatly appreciated!