New York  |  Real Estate Law

Legal Question

Asked on: 6/29/13, 5:31 am

My mother wants to sell a house she owns to my 2 sons for a dollar. Will they have to pay any tax on this transaction.

1 Answer


Answered on: 6/29/13, 7:48 am by Arnold Nager

No. But it becomes a gift. She may have to pay gift tax (not likely). Furthermore, the tax basis of the house is what she paid for it when she bought it.

You should suggest that she consult a knowledgeable attorney to properly plan the transfer of valuable assets with minimum tax consequences.


Did you find this answer helpful?

0 Users found this answer helpful.

0 Attorneys agree with this answer.


Arnold H. Nager, Esquire 79 Cliff Street Hastings On Hudson, NY 10706-2101

Other answers from this attorney

Didn't find what you were looking for? Ask an Attorney!

Get answers from the top Attorneys
Ask Question

115 Answers given in the last few hours.

8662 Active attorneys ready to answer your question

Search Past Answers:
  Advanced Search