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Can sell my property to my relative in $1?

Seattle, WA |

I wonder if it legal to sale my property to my relative in $1? Of cause I purchased this property in much higher price, do I or my relative has any tax liability? Do we have to go though the escrow for this deal? Can a lawyer help us to have the deal done?

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Attorney answers 1

Posted

It's probably legal unless you're doing it to conceal the property (such as from a bankruptcy trustee, soon-to-be-ex-spouse, Medicare, etc). It may or may not be a good idea, and is going to result in tax liability to the relative, based on the value of the property. Talk to a lawyer about what you're trying to accomplish, and then decide the best way to do it.