Can I Sell My House to My Son for $1 Dollar in Florida?
Can I Sell My House to My Son for $1 Dollar in Florida?
Quick Answer
Generally, yes: a Florida home can be transferred to your son for a nominal $1 price, but that price does not determine the gift-tax consequences or his future tax basis. A below-market transfer can be partly or wholly a gift, and a gift-tax return may be required even when no gift tax is payable. Mortgage debt can count toward Florida documentary stamp tax whether or not your son assumes it. Have the deed, title, debt, and tax consequences reviewed before signing. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
Can you transfer your Florida home to your son for just $1?
Generally, yes. A nominal-price transfer is possible; the Florida Department of Revenue even illustrates a $1 deed to children. But the price on the deed does not erase gift-tax, mortgage, ownership, or recording issues. Have a Florida real-estate attorney review whether your particular transfer can proceed.
Ask the attorney to review the deed, title, and mortgage. Ask your tax adviser to evaluate the gift-tax treatment rather than treating the stated $1 price as the answer to your tax obligations.
What the 2026 gift-tax exclusion means for you
The IRS annual gift-tax exclusion for gifts made in 2026 is $19,000 per recipient. If your total gifts to your son exceed that exclusion, you generally must file Form 709 by April 15 of the following calendar year, subject to the IRS-stated exceptions.
Mike Renick represented us, in both a sell and buy transection. One of the transactions was complicated as the sell portion of the transaction involved a foreign buyer. Mike arranged that both transactions would close the same day. Which they did without a hitch.
– Lee Diznoff, Google Review
Filing a return does not necessarily mean you owe gift tax. Ask your tax adviser whether an exception applies and what information is needed to determine your reporting obligation. Have the home’s fair market value, mortgage details, and information about your other gifts to your son that year available for that review.
What happens to your son’s tax basis?
A $1 deed does not automatically give your son either a $1 basis or a basis equal to the home’s current market value. Under IRS Publication 551, gifted property generally carries the donor’s adjusted basis for determining gain; loss calculations and transfers that are partly sale and partly gift have additional rules. Give your tax adviser your purchase and improvement records. The basis used when your son later sells can materially affect his taxable gain.
Why the mortgage matters for documentary stamp tax
Under Florida Statute 201.02, documentary stamp tax on deeds is generally 70 cents per $100 or fractional part of consideration, except for Miami-Dade, which has separate rate details.
The statute’s definition of consideration includes:
- Money paid or agreed to be paid.
- Discharged obligations.
- Mortgage or other encumbrance amounts, whether or not the underlying debt is assumed.
For a Sarasota or Manatee property, ask your attorney or title professional to calculate the documentary stamp tax using the statutory consideration – not just the $1 stated price.
What to settle before recording
Under Florida Statutes Chapter 201, documentary stamp tax on a recordable instrument requiring that tax must be paid before recordation.
Mike Renick and Eric Teoh represented my husband and myself for both the sale of an existing property and the purchase of a new property. Their knowledge of Longboat Key and property values was exceptional.. The process of closing on both the sale and purchase was flawless. I have not hesitated to recommended them to others.
– Barbara Diznoff, Google Review
Florida Statutes Chapter 695 addresses recording as protection against creditors and subsequent purchasers for value without notice. That provision does not say an unrecorded deed is invalid between the parties. Ask your attorney or title professional to address both the tax payment and recording before you proceed.
Let’s continue this conversation.
Call me at 941.400.8735 or schedule a 15-minute call. I’ll tell you what I would look for.
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Questions Clients Actually Ask
Does filing Form 709 mean I owe gift tax?
Filing can be required even when no gift tax is payable. Ask your tax adviser to determine your filing obligation and any tax due separately.
Will the mortgage count if my son does not assume it?
Under Florida Statute 201.02, documentary stamp tax consideration includes mortgage or other encumbrance amounts whether or not the underlying debt is assumed. Have your attorney or title professional review those amounts before calculating the tax.
What To Do Right Now
Before signing, send your proposed deed, current title information, and mortgage details to a Florida real-estate attorney and ask whether the proposed $1 transfer can proceed.
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Michael Renick · Licensed Florida Real Estate Broker
License #BK3241900 · Verify on Florida DBPR
Mangrove Realty Associates Inc / Team Renick · Serving Sarasota & Manatee Counties since 2011
About the Author
I’m Michael Renick — a Florida West Coast broker with over 15 years guiding families through some of the biggest decisions of their lives. I’ve built my practice on hard work, honesty, and total transparency. No shortcuts, no spin — just straight answers, deep market knowledge, and the dedication my clients deserve from start to close.
Equal Housing Opportunity. This article is general information only, not legal, tax, insurance, or financial advice. Market conditions, insurance requirements, and costs vary by property and transaction; confirm your specific situation with the appropriate licensed professional. Michael Renick, Licensed Florida Real Estate Broker, License #BK3241900, licensed by the Florida Department of Business and Professional Regulation (DBPR). Mangrove Realty Associates Inc — each office is independently owned and operated.
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