Legal Question in Real Estate Law in Ohio

Real Estate Gift or Sale

My Grandparents have split off some of their land for both my sister and I. All the zoning and other stuff is complete. We have one year to have the deed. THe question is should they gift os the land (using the $10,000) gift per year or should we purchase the land from them for $1? What are the effects of each senerio on both parties? What are the tax implications?


Asked on 9/22/03, 9:17 am

1 Answer from Attorneys
David Weilbacher, Esq. Attorney at Law

Re: Real Estate Gift or Sale

Your question is much more complex than you might think. To answer it I would need to know a great deal about your grandparents' assets, and current financial position.

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Answered on 9/22/03, 3:33 pm


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