Can you sell a farm for a dollar?

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Can you sell a farm for a dollar?

My sister thinks that you can’t do this becasues under WI law you must sell it at appraised value.

Asked on March 12, 2011 under Real Estate Law, Wisconsin

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I would really suggest that you seek help from a real estate attorney in your area.  It used to be that you could transfer realty for a dollar to show that it was a purchase and not a gift, thereby avoiding some issues with taxation on all ends.   But the government caught wind of that and now it is unlikely that such a transaction would stand to muster.  I am assuming that you are trying to do some sort of estate planning here and it would not be in your best interest to go it alone.  And if the law in Wisconsin is as your sister states then you could be running afoul of it by doing what you state.  Get help.  Good luck.


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