Quick Answer: Can I Sell My House To My Daughter For A Dollar?

Can you sell someone a house for a dollar?

The short answer is yes.

You can sell property to anyone you like at any price if you own it.

The Internal Revenue Service takes the position that you’re making a $199,999 gift if you sell for $1 and the home’s fair market value is $200,000, even if you sell to your child.

How do I sell my house to my daughter?

The devil’s in the details, but you’ve got options:

  • Let your child inherit the house.
  • Gift the house outright.
  • Finance your child’s purchase of the house.
  • Sell the house to your child at a discount.
  • Sell the house to your child but continue to live there.
  • Let your child assume the mortgage.
  • Use a personal trust.

Is it illegal to sell your house to a family member?

It is only illegal to sell your home to relative if you’re doing so to avoid taxes — and doing that illegally. Plus, if you’re selling for an extreme discount, you may be subject to an estate and gift tax, anyway. Otherwise, selling a home to a family member is just like selling your home to any other buyer.

Can I sell my house for half its value?

When you sell your home for significantly less than its fair market value, the IRS considers the value of that reduction as a taxable gift to your relative—even if no actual cash changes hands.