[WSBARP] gift deed restriction

[Scott Thomas]

Pay close attention to the requirements of 26 U.S.C § 170(f), especially any donee acknowledgement requirement.  It may be easier to place a tightly drafted restriction on the use of the property, as opposed to a restriction on reselling the property.


 

 

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Josh Grant
Sent: Monday, September 18, 2017 1:32 PM
To: wsbar <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] gift deed restriction

 

Client is going to gift real property to a non-profit .

 

The only condition that my client wants to put on the gift is that the donee  can’t  sell the property to any third parties for three years.

 

Anyone have language that can be put on the deed.  I am not sure if it is recommended that it be a condition which causes reversion of the deed to the grantor or what.  Client is wanting to qualify for an income deduction so the restriction needs to be in a form not to jeopardize that.

 

thanks

 

Josh

 

Joshua F. Grant, PS
Attorney at Law
P. O. Box 619
Wilbur, WA 99185
tel 509 647 5578
fax 509 647 2734

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