Can I sell my house to my child for a $1?

Asked about 4 years ago - Clearlake, CA

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?

Attorney answers (3)

  1. Robert Lee Marshall

    Contributor Level 20

    Answered . 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.

  2. Brad S Hindley

    Contributor Level 13

    Answered . 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.

  3. Brad S Hindley

    Contributor Level 13

    Answered . http://www.avvo.com/legal-answers/how-to-transf...

    And see my answer to your other question.

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