What does it mean when property is gift property transferred for love and affection 10 in the tax records?

Asked by Vonia, Sat Oct 11, 2008

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James Dudley, Agent, Suwanee, GA
Sun Oct 12, 2008

Steven explained it well. It's much like selling your car to a family member for $1.

You must convey title for some type of consideration (value). In this case it's Love and affection.

Transferring property this way is usually done between family members.
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Steven P Wood, , Jupiter, FL
Sat Oct 11, 2008
Hi Vonia,

In contracts there is a need for Consideration (legal term).

There are 2 types of Consideration, one is something like cash, or something that can be converted to cash easily. The other type of Consideraion is a little less defined,,, BUT A LOT MORE VALUABLE!

Consideration can be in the form of Love, or Luv, or Appreciation, or Just Because,,,, to Loved Ones and Cherished Ones, and Family or Friends, or ETC.

I think that is what you are referring to.

A good search of Valuable Consideration With Legal Contracts on one of the search engines on the internet may give you a good anwer.
Web Reference:  http://www.ByJoveMyHome.com
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