2007-03-26 03:44:20 · 18 answers · asked by maryann l 1 in Business & Finance ➔ Taxes ➔ United States
If both parties recognize that it's a gift, in most cases yes.
2007-03-26 03:46:14 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Normally yes, but if it was given to you as a gift to a Head of a firm or if you were a Mayor or a civic figure, then it would be the property of the firm or the community,
2007-03-26 11:06:08 · answer #2 · answered by ? 6 · 0⤊ 0⤋
Yes, a bona fide gift becomes your property. Depending upon the type of gift the donor may need to take certain actions to perfect your title in the property. Motor vehicles and real estate are good examples where the donor must take further action to transfer title to you.
2007-03-26 11:24:08 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Gifts should be given without restrictions, otherwise it's not really a gift. Therefore, the reciever of the gift is the rightful owner. Not forgetting the old saying "Posession is nine tenths of the law" (UK).
2007-03-26 10:59:32 · answer #4 · answered by Red Dragon 3 · 0⤊ 0⤋
If given has a gift then you become the owner.
2007-03-28 11:22:39 · answer #5 · answered by Ollie 7 · 0⤊ 0⤋
In exchange theory of economics, a gift will always remain the property of the giver until the exchange is completed by the recipient returning to the giver the equivalent of the value of the gift. In other words, 'There's no free lunch'. In so far as you are obligated to the giver, the gift is not yours.
2007-03-26 10:56:07 · answer #6 · answered by Anonymous · 0⤊ 2⤋
yes, the gift becomes your property.
2007-03-26 12:07:22 · answer #7 · answered by Ola 4 · 0⤊ 0⤋
the fundamental character of a gift is that the giver has relinquished ownership of it. So yes, it becomes your property and cannot be reclaimed by the giver.
2007-03-26 10:52:34 · answer #8 · answered by Anonymous · 0⤊ 0⤋
In the case of property, yes always. In the case of money, if you didn't ASK for a loan and the person just GIVES you the money without specifying that you are OBLIGATED to pay it back then, yes. But if you decide to pay the money back... that's on you.
2007-03-26 10:51:54 · answer #9 · answered by beekz15 1 · 0⤊ 0⤋
Well, i would say it is your property. If I gave a gift, I wouldn't act like I was just letting one person borrow it. It is theirs to KEEP.
2007-03-26 10:48:31 · answer #10 · answered by Dahsoenix 1 · 0⤊ 0⤋