Home     Law Advice     Insurance Advice     Community    
Go Back   FreeAdvice Legal Forum > REAL ESTATE LAW > Buying & Selling a Home
Reload this Page GIFTING REAl ESTATE??

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 02-29-2008, 08:40 PM
Junior Member
  
Join Date: Feb 2008
Posts: 4

GIFTING REAl ESTATE??

What is the name of your state? PA

How many times can an individual gift a home in philadelphia pa to another individual?
  #2  
Old 02-29-2008, 08:49 PM
Senior Member
  
Join Date: Sep 2004
Posts: 2,993
Quote:
Originally Posted by libby976 View Post
What is the name of your state? PA

How many times can an individual gift a home in philadelphia pa to another individual?
Say what? Is this a trick question?

The same number of times as in Punxsutawney: Once.

After it is gifted, the individual no longer owns it. Therefore, they cannot gift it again.
__________________
Arthur Carlson: Well, first thing we do is call an attorney.
Andy Travis: You always say that.
Arthur Carlson: Yeah, but this time it's appropriate.
  #3  
Old 02-29-2008, 09:00 PM
Junior Member
  
Join Date: Feb 2008
Posts: 4

Gifting Realestate

Maybe you misunderstood me. the guy owns 6 houses. He's gifted 1 property to his mom already,and wants to gift a different real estate property to a friend of mine and gift another property to his sister, and he is selling the others.
How many times in Philadelphia Pa can a person gift real estate if they own multiple properties. He seems to think you can only gift 1 property even if you own several in your lifetime and I thought if you own several properties you can gift them all to anyone, but only 1 property every year.
  #4  
Old 02-29-2008, 09:07 PM
Junior Member
  
Join Date: Feb 2008
Posts: 4

Gifting Realestate

Maybe you misunderstood me. the guy owns 6 houses. He's gifted 1 property to his mom already,and wants to gift a different real estate property to a friend of mine and gift another property to his sister, and he is selling the others.
How many times in Philadelphia Pa can a person gift real estate if they own multiple properties. He seems to think you can only gift 1 property even if you own several in your lifetime and I thought if you own several properties you can gift them all to anyone, but only 1 property every year.
  #5  
Old 02-29-2008, 09:27 PM
Senior Member
  
Join Date: Mar 2006
Posts: 6,673
I hesitate to answer because anyone who has accumulated so much property knows the rules regarding such, but a person can give away as much as he wants as long as it is not to defraud others.

Is there any reasoning beyond 1 property a year?
__________________
When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it.
--W. T. Pooh (aka A. A. Milne)
  #6  
Old 04-11-2008, 03:58 PM
Member
  
Join Date: Mar 2008
Location: North Carolina
Posts: 118
Quote:
Originally Posted by tranquility View Post
a person can give away as much as he wants as long as it is not to defraud others.
how can someone defraud someone through a gift deed, because i am sort of curious?
  #7  
Old 04-11-2008, 04:28 PM
Senior Member
  
Join Date: Mar 2006
Posts: 6,673
Even though this is a necroposting, I'll answer. If the giver owes money and gives the property away for less than fair market value, he has hurt the creditor. If intentional, it's fraud. (Medicare lookbacks and taxes can be issues too.)
__________________
When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it.
--W. T. Pooh (aka A. A. Milne)
  #8  
Old 04-11-2008, 04:36 PM
Member
  
Join Date: Mar 2008
Location: North Carolina
Posts: 118
i see, thanks tranquility.
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 09:29 PM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.