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Posted by Stuart Bronstein on October 2, 2007, 10:09 pm
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>>>> Just undo the original gift, - I assume kids never paid
>>>> property tax or mortgage interest, have mom sell her own
>>>> house (use POA for that), exclude the gain under Sec 121,
>>>> and be done with it.
>>> how do you "undo" something that was done? If a gift was
>>> made, a gift was made.
>> A promise to make a gift, at any rate, is not a legally
>> enforceable promise. So there may be a legal basis to argue
>> that you can undo a gift and act like it never happened, if
>> all the parties agree.
> This was not a mere promise to make a gift, a deed was
> executed. The gift was made.
Generally a deed has to be both made AND delivered (or
recorded) to be effective. If neither of those things
happened, then in theory it may be possible to go into court
(or have the kids re-convey the property) and have the deed
un-done.
Stu
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