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Gifting Land - how is this done

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Money Talk > Real Estate

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foodeefish
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Gifting Land - how is this done  Reply with quote  

My wife and I would like to gift to a relative and his wife a piece of land. We paid $44,000 3 years ago for the land. It is now worth $58,000.

I know we can gift $12,000 to each of them which menas gifts of $48,000 per year. How and when do we sign the land over to them and how is this done.

Thnx Question
Post Wed Jan 23, 2008 9:28 pm
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pf101
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Yeah $48k is right. 12k to each from each.

But the land part makes it complicated. I'd talk to an expert on that one.

Personal Finance 101
Post Wed Jan 23, 2008 11:34 pm
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joshonjoice
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Other may be simply to attract a written permission from the family / write partition. Then submit this document to the land registration office premises. I do not think there is any problem. A copy of the saved document may be given to the registration fee for the entry of people of the land to its name.
Post Mon May 02, 2011 1:48 pm
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