Why selling a home to your child for a dollar can backfire
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🏠 Thinking about selling your home to your child at a discount? Think again. Here’s why it can be a BAD idea ⬇️ 📉 Selling below market value could trigger GIFT TAX filings — yes, even if it’s your kid. 💸 You might lose your property tax base, causing future tax hikes. 📊 And when your child sells it? Capital gains taxes could skyrocket — no step-up in basis means they pay tax on your original purchase price. Estate planning isn’t just about who gets what — it’s about avoiding costly mistakes
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