I want to sell my house over to my son for just $100?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
I want to sell my house over to my son for just $100?
I recently divorced my husband and now I am ready to relocate to another state. My son wants to keep the house since it has been fully paid off. I am just wondering if it is possible for me to just “sell” the house to him but it will be more of a gift. Would it be possible?
Asked on October 16, 2011 under Real Estate Law, Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The best way to transfer title of the home that you want to give to your son for tax purposes is to enter into a purchase contract with him for its fair market value where he agrees to pay you a certain rate of interest on it yearly secured by a mortgage.
Each year you then "gift" him a percentage of interest in the home equal to the amount allowed under Internal Revenue Service regulations which is roughly $13,000 per year reserving a smaller percentage in the home to you year after year.
The way to do the above transaction requires an experienced real estate attorney and a certified public accountant to set matters in place.
Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.