Hello, I am considering selling my house to my daughter for the symbolic price of $1,000. I am aware that this is far below its market value, but I am willing to do this as a gesture of love and support. My daughter is currently renting a small apartment and I believe that owning her own home would provide her with stability and security.
However, I am also concerned about the potential tax implications and legalities surrounding this transaction. I want to ensure that the transaction is legal and that both parties are protected. Additionally, I am wondering if there are any other factors that I should consider before making this decision.
Could you please provide me with some advice on how to proceed with this transaction? Thank you for your time and assistance.