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Donation or Sale of Land if Owner is Already Deceased

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Nati


Arresto Menor
A parcel of land is in the name of Father who is already deceased but spouse is still living. They have 7 adult children.

All the heirs have agreed to donate the land to only one of the children.

Query: Can the heirs execute a deed adjudication with waiver of rights in favor of only one of the children?

In effect what kind of tax shall be paid to the BIR? Is it donation or inheritance?

Please help and clarify. Thank you.

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karl rove


Reclusion Perpetua
Hi Nati: before you get confuse due to the swelling number of advice and suggestions (contradictory at most) let me tell you that it is possible to execute an affidavit of waiver of rights favor one of the children since accdg to you, all the heirs are of age and therefore can alienate property.

After the waiver, the child to whom the waiver was made, can now execute an affidavit of self adjudication.

the kind of tax depends how the property was alienated --if by sale (then capital gain tax) and if by donation (donor's tax)

if you need further legal assistance, email me at adpr24242000@yahoo.com

thanks

Atty K.R.

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Nati


Arresto Menor
Thank you for your advice. I would certainly be sending you an email Very Happy Very Happy

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karl rove


Reclusion Perpetua
received your email nati

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