You can do that legally, yes, but be mindful of local and state laws surrounding gift taxes and real estate. If you give your $500,000 home away for $1, the value of the home to the recipient is $1. The fair-market value will be $499,999 for the recipient and part of the lifetime gift tax limit ($12.9 million for 2023) for you. If you leave your home to a family member or person in your will after you’ve passed, the value of the home is the fair-market value on the date of death. An inheritance is never a gift. Be sure and speak with a local, qualified property lawyer, as well as with your Tax Pro, beforehand to avoid legal and financial pitfalls.