Our home is jointly owned by 3, all siblings. Can we title it over to the one living in the house?

Three sisters own a house that they received from an inheritance. The title now has all three names on it. Can two of the sisters transfer their portion to the one sister living in it without any tax obligations? I heard something about selling one's portion of the house for a $1. Is this even possible? Does this then have to be reported for tax purposes? If so, what are the tax implications? One of the owners will still own the house?