"t/f?"

[Skate1968]

I'm looking at a property using the Philadelphia dept of Revenue.

The property's owner is 'John Doe T/F Mary Smith.'

What does that mean? Who owns the property? John is holding it 'in Trust For' Mary? John is holding the 'Title For' Mary?

I am preparing a PA Property Tax Rebate form for John. And i want him to get credit for the correct amount paid. However it would be more beneficial for Mary to get credit for the property tax paid (she did actually pay half.)

thanks for reading

[BOB W]

I usually see "ITF" for "In Trust For". Could it mean "Trust For".

[Skate1968]

Thanks for responding, Bob.

Someone just suggested that it may stand for 'Trust Fund.' Which would make sense. And it would also give me a clear indication on how to proceed with this.

[Skate1968]

I just spoke to the client. He said it stands for "Trust For."

[Skate1968]

I was able to get a copy of the deed through a pay service. Mary's name is on the deed. Therefore she does qualify as property owner for purpose of the PA Real Estate Tax rebate. I will prepare a return for her and she'll get the rebate for which she is entitled.

[Burke]

I have seen cases where the deeds are not changed; but legally, the ownership has transferred upon the establishment of a grantor trust, for instance, or a testamentary trust upon death of spouse. Better check to see if this is the case. I would contact the Dept of Revenue to determine why ownership is showing up on their records in this manner. Reason for not writing a new deed is usually because it must be done by an attorney and they don't want to pay the cost when its temporarily still in the family. Sounds like John is the trustee. And Mary may be the beneficiary. Neither of them may actually own the property.

[Skate1968]

Hey Burke,

Thanks very much for responding.

I have become familiar enough with these clients to know that there is no 1041 trust and no beneficiary. Mary & John do actually own the property together but were never married. Mary informed me that her lawyer insisted that to have her name on the deed to prevent the possibility of John's wife from putting a lien on the entire property.

(Yes, I say John's 'wife'. Apparently John was married to someone else while he was living with Mary in the house they co owned. Pretty weird.)

[Burke]

Under the circumstances you describe, it sounds like ownership is joint tenants. I am baffled by the terminology with the Dept of Revenue as far as "T/F" designation.

[Skate1968]

Hey Burke,

Again, thanks for your input.

I was baffled as well.

Like yourself, others thought that 't/f' indicated a trust also. It is really odd.

I'm guessing that Mary got advice from a shoddy lawyer who advised them to state 't/f' when there was no 1041 involved.