Yes, you can sell your house for whatever you want, however, if you sell it to a family member or a friend for a steeply discounted price, you will need to declare the real value, and itemize it against your annual and lifetime exemption of gifts against the state tax. You see, there is no such thing as a u201cGift tax.u201d However, there is an Estate Tax. Currently the lifetime exemption is $11.2 million dollars. That means if the house is worth $11.3 million dollars, and you sell it for $1, There will be an estate tax for you to pay on $99,999. Some call it a gift tax, but it is all the same thing. Anyhow, No matter what the house is worth, there will be IRS forms to fill out, and the value of the house will be placed against your lifetime exemption.In the end, it is not worth selling a house for $1. You are much better off letting them live there rent free, and inheriting the house when you die. The tax benefits of inheriting are substantial. Find an estate planner and get the real poop. Arrange your estate as they see fit, and remember, they build the tax system to catch people like you. Those who are rich enough and smart enough to hire good lawyers are able to get around it. Thatu2019s how the system is rigged against the average guy. The rich people get smart people to do stuff for them that they canu2019t do for themselves. The poor people ask on Quora. You may save $1000 by asking here, and cost yourself or your estate $100,000 by doing so.