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Author: Bob78164 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121188  
Subject: Re: House sale and cap. gains Date: 1/25/2002 3:51 PM
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WiscFool writes:

Thanks for the info. The property is in Illinois. Is there something I have to file to renounce the gift I still have to file this quitclaim, or would that be instead of it? How can I find out if it is a gift?

My mother says it's not a gift, but this was after my father said it is a gift, and I'm quite sure neither of them know what they're talking about. Meanwhile, they keep wondering why I want to talk to their lawyer directly instead of relying on whatever nonsense they tell me.


I reply:

Since the property is located in Illinois, Illinois law probably will control whether you can renounce the attempted gift, and if so, how. I can't imagine how the transaction could have been anything but a gift, because you didn't pay for any interest in the property and you had no rights to it. If the value of your putative interest is enough to trigger gift tax concerns, then you should probably bite the bullet and hire a lawyer of your own. Do NOT rely on your parents' lawyer; he is paid to have their interests in mind, not yours, and the two might very well diverge. --Bob
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