Can you specify in the will that your house be sold to a relative for $1.00 at the time of your death so they do not have to pay an inheritance tax? 1 Answers as of August 20, 2014

Is the inheritance tax only based on the value of the property over a certain sum of money? I owe nothing on the house and want to make sure my sister gets it without having to pay an inheritance tax, as she does not have any funds to pay. She is just getting by as it is and does not need an additional bill. I was just going to sell it to her now for $1.00, but thought better of it, maybe not a real good idea, or would this be the only way around an inheritance tax? The value of the house is under $75,000.00. Thanks.

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Are you sure your estate is even going to be taxable? And why would you sell it for $1? I think you need to speak with an estate planning lawyer, now.
Answer Applies to: Texas
Replied: 8/20/2014
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