by 
storm64
ANSWERS: 4
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Yes, I've heard of it happening, but why would you?
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you could even give it away and top it up with $20.000.
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If you are the legal owner of the property, you can give it away, if you wish.
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All the other responses are correct, but the important factor is your reasoning. If you want to transfer your property to a relative and minimize taxes, you cannot do it by selling the property for a nominal fee. Is half nominal? Tough to say, but it is getting close. If your intent is to transfer to a relative and minimize taxes, talk to an accountant. There are ways to minimize tax liability. Although selling for a nominal fee won't limit tax liability, you can sell property for any amount you want.
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