2007-10-10 10:05:27 · 7 answers · asked by harryb 5 in Business & Finance ➔ Renting & Real Estate
That's a "legal" transfer. Often parents will "sell" a house to a child for $1.00 to make the transfer of title to them legal.
2007-10-10 10:07:56 · answer #1 · answered by Yahzmin ♥♥ 4ever 7 · 2⤊ 0⤋
It may have been a 'transfer purchase'. Sometimes, a spouse will see a house to the other spouse in a way to protect the assets.
Or it may have been bought for that price from one relative to another to save on capital gains tax.
2007-10-10 10:10:25 · answer #2 · answered by FRANKFUSS 6 · 1⤊ 0⤋
That's NOT what they paid.
It is simply a legal transfer. Say for instance from a married couple to a Revocable Living Trust.
Hope this helps
Terry S.
http://www.Welcome2Arizona.com
2007-10-10 10:09:41 · answer #3 · answered by Terry S 5 · 2⤊ 0⤋
Wouldn't it be great if we could really do that? Unfortunately it is probably just a transfer of title. Perhaps you could research what they sold for prior to the transfer?
2007-10-10 11:57:12 · answer #4 · answered by Christiane 3 · 0⤊ 0⤋
It isn't. Most likely the records of the sale are older and not electronic so rather than make them so they just default the field to 1$.
2007-10-10 10:08:39 · answer #5 · answered by Anonymous · 0⤊ 2⤋
They transfer it to a trust, corp and or to child.
2007-10-10 10:24:28 · answer #6 · answered by dpolak 3 · 1⤊ 0⤋
It's possible by being REALLY stupid and not consulting a tax attorney before trying to hide assets from the IRS so that Mom and Dad can go on Medicare.
And it doesn't work.
2007-10-10 10:09:30 · answer #7 · answered by frissy 3 · 0⤊ 5⤋