My Father would like to gift me a property.?

I have a sister. Is it possible for my sister to claim that property legally . Should I ask my father to write a will?
Should the property be registered?
What are the obligations if any?
Can I sell this property at a later point of time?

5 Replies to “My Father would like to gift me a property.?”

  1. The father can give this property directly to you, and the only way your sister can contest it is if she has him declared mentally incompetent (which is pretty intensive to do).

    Be aware of the tax penalties that you will incur. Consult with a tax specialist – there are probably better ways to conduct the transaction to minimize the taxes.

    If the property is yours, you can sell it whenever you want – just understand, 100% of the sales value will be considered capital gains since it was gifted to you.

    P.s. Please report spammers like “Brown” – I already have. They create accounts for the sole purpose of spamming the same answer all day – until we kick them out.

  2. He can put the deed in your name then you can do whatever you want with it providing you pay the mortgage. If he gives you $ 13,000 worth of the house each year there will be no gift tax for you to pay.

  3. Hi,

    The property that is being gifted by your father to you then it must be named legally on you then only your sister can not claim on the property.

    The property needs to get registered and this is must nigher any one from your family can claim on it.

    Rest there is no obligations.

    Yest if the property is registered at your name then you can sell it any time.

  4. Your father cannot gift you a piece of property while he is still alive unless it is worth $ 25,000 or less without paying a large sum of money in taxes based on the actual value of the property. For example, if the property is worth $ 100,000 he will have to report that $ 100,000 as income.

    He can leave the house to you in his will with no problems.

  5. If it was self acquired by your father, he can gift it to you. It can be by Registered gift deed or Registered Settlement deed or Registered Will. In this case your sister cannot claim later and you can sell it to any third party.

    If it is not self acquired but inherited by him, then it is to be given to all legal heirs equally.

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