selling a house below market value to a family member. asked by Mary, Alexandria, VA Mon Oct 5, 2009. I would like to sell a property I own to my son. The house is worth around 790,000 and I would sell to him for $617,000 which is what I owe on the mortgage.
Sell the home at only a slight loss, but give the relative the maximum allowable tax-free gift ($13,000) each year until the agreed upon amount is reached. File a quitclaim deed to add the buyer’s name to the title. These are the simplest way to transfer property, but they’re generally not used when money is exchanging hands.
I am buying a home from my relative. We agreed on a price. What is the next step? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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Selling house to a relative for less than market value. – I’ve been trying to figure out the tax ramifications of selling a $320,000 house to a relative for $170,000 but am a bit confused. I will definitely be checking with a tax professional but would like to see what info I get from you guys.
The sale of a home is a complex business transaction, in and of itself. Doing business with family members can be fraught with complications.
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Sorry they ended up selling to anon family member closer to market value. Apparently keeping the land in the family want as important as they originally said! If there is no loan on the property then you should be fine to buy it at whatever price they want.
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Can you sell your house to your son for a dollar? The short answer is yes. You can sell property to anyone you like at any price if you own it. But do you really.