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by storm64 on December 5th, 2007

storm64

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Can I sell a property at half its valuation

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Answers. 4 helpful answers below.

  • by Anonymous on December 5th, 2007

    Anonymous

    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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  • by Costantinus on December 5th, 2007

    Costantinus

    you could even give it away and top it up with $20.000.

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  • by Peetee on December 5th, 2007

    Peetee

    Yes, I've heard of it happening, but why would you?

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  • by Anonymous on December 5th, 2007

    Anonymous

    If you are the legal owner of the property, you can give it away, if you wish.

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