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abouttoloseit

Guest
What is the name of your state? Washington State

Can someone legally quitcaim a piece of property (land) for and in consideration of "love and affection"? Is that legal? If so, is that considered a gift and would have to pay gift taxes and capital gains taxes (when sold) :confused: on it?
 


I AM ALWAYS LIABLE

Senior Member
abouttoloseit said:
What is the name of your state? Washington State

Can someone legally quitcaim a piece of property (land) for and in consideration of "love and affection"? Is that legal? If so, is that considered a gift and would have to pay gift taxes and capital gains taxes (when sold) :confused: on it?

My response:

As long as it is specifically stated that such "love and affection" has nothing to do with "sexual favors", then it's just fine. Remember, "consideration" can be anything of "value" to the parties; e.g., a "cause", such as gratitude for the many years of "love and affection", or "money", or something tangible like an exchange of some sort, or something intangible, such as "love and affection".

IAAL
 
A

abouttoloseit

Guest
Hhhmmm

OK, well thank you for your responses...was hoping for something different, but I know you guys know how that goes - THANKS AGAIN! I appreciate all of your help! :)
 

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