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My child is losing his job and I have property wholly owned, can I sell it to him for a $1, and free him from a gift tax on property worth 105,000.00?
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Criminal Defense Attorney
The taxes would be assessed on the actual value of the property, not a sham sale for $104,999 less than the property is worth.
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A reassessment of the property taxes may be avoided by filing a form with the county called a "Preliminary Change of Ownership" where in a reassessment exclusion for parent to child may be checked.
And see my answer to your other question.
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