HOW DID THIS GUY SELL A HOUSE FOR $1?

[Richard V.]

Hi, this may be a stupid question but I am willing to ask it because I want to learn.This youtuber Mr. beast does a bunch of giveaways and in a new video he sells a house for $1. Doesn’t the irs require you to sell houses around fair market value? As far as I know the gift limit is around 15k and there is no way he can rationally drive the sale price down due to “needed repairs”. Also, whatever your theory/explanation is, would you recommend buying from relatives or parents who would offer you a house under fair market price, or is there a better strategy?

https://youtu.be/vJH28ICkCdU