I want to sell my house over to my son for just $100?
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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 13 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.
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