Can I sell my property to my son for any price I choose?

UPDATED: Sep 30, 2022

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Can I sell my property to my son for any price I choose?

My question sounds kind of dumb but here are the details. I live in Fulton county Ohio and live on 1 acre of land with a 26 year old mobile home on it. There are no liens on either. I want to sell it to my son for 50.00 so he can turn around and sell it and use the money to put a down payment on property he wants to buy. I am 70 years old and don’t want to deal with a real estate agent and all that involves. My other idea was to say for example If he can get 30,000 for the property, I would request from him one third the selling price so I can have some money to live on along with my social security. Is this a reasonable request or is either of these ideas illegal in some way?

Asked on March 18, 2016 under Real Estate Law, Ohio


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

You legally can sell for any price you want, such as $50, or $50 plus 1/3 of what the property is later sold for. However, there may well be tax consequences to him. For example: say that the property is worth $25,000 and you sell it for $50--by getting a $25k property for only $50, he had a net gain, which may be viewed as incomes, or $24,950 and may have to pay taxes on that. You need to discuss the matter with a tax preparare to understand the tax effect of what you plan to do, or else you could possibly, with the best of intentions, saddle your son with a large prperty tax bill.

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 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.

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