Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
TOLL ROBERT I
   2. Issuer Name and Ticker or Trading Symbol
TOLL BROTHERS INC [TOL] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Executive Officer
(Last)
(First)
(Middle)
3103 PHILMONT AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
12/20/2004
(Street)

HUNTINGDON VALLEY, PA 19006		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               6,447,193 D  
Common Stock               4,945,437 I Entities wholly owned by reporting person
Common Stock               1,201 I 401(k) Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options (Right to buy) $ 8.5625             11/01/1997 11/01/2006 Common Stock 100,000   100,000 D  
Stock Options (Right to buy) $ 8.6563             01/29/1997 01/28/2006 Common Stock 86,000   86,000 D  
Stock Options (Right to buy) $ 8.75             12/20/1999 12/20/2009 Common Stock 1,500,000   1,500,000 D  
Stock Options (Right to buy) $ 9             11/01/1996 10/31/2005 Common Stock 60,000   60,000 D  
Stock Options (Right to buy) $ 9.75             03/14/1997 03/14/2007 Common Stock 85,000   85,000 D  
Stock Options (Right to buy) $ 9.875             12/30/1996 12/30/2006 Common Stock 92,500   92,500 D  
Stock Options (Right to buy) $ 11.1563             12/30/1998 12/30/2008 Common Stock 95,000   95,000 D  
Stock Options (Right to buy) $ 11.4375             12/20/1999 12/20/2008 Common Stock 500,000   500,000 D  
Stock Options (Right to buy) $ 11.5313             11/03/1998 11/03/2007 Common Stock 100,000   100,000 D  
Stock Options (Right to buy) $ 12             11/02/1999 11/02/2008 Common Stock 100,000   100,000 D  
Stock Options (Right to buy) $ 13.7188             12/30/1997 12/30/2007 Common Stock 480,000   480,000 D  
Stock Options (Right to buy) $ 14.75             03/13/1998 03/13/2008 Common Stock 125,000   125,000 D  
Stock Options (Right to buy) $ 19.3125             12/20/2001 12/20/2010 Common Stock 500,000   500,000 D  
Stock Options (Right to buy) $ 21.05             12/20/2003 12/20/2012 Common Stock 250,000   250,000 D  
Stock Options (Right to buy) $ 21.76             12/20/2002 12/20/2011 Common Stock 500,000   500,000 D  
Stock Options (Right to buy) $ 40.27             12/20/2004 12/20/2013 Common Stock 250,000   250,000 D  
Stock Options (Right to buy) $ 65.1 12/20/2004   A   250,000   12/20/2005(1) 12/20/2014 Common Stock 250,000 $ 0 250,000 D  
Phantom Stock $ 0             12/13/2003 12/13/2003 Common Stock 240,082   240,082 (2) D  
Phantom Stock $ 0             10/22/2004 10/22/2004 Common Stock 22,487   22,487 (3) D  
Phantom Stock $ 0             12/12/2004 12/12/2004 Common Stock 235,549   235,549 (4) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
TOLL ROBERT I
3103 PHILMONT AVENUE
HUNTINGDON VALLEY, PA 19006		   X   X   Chief Executive Officer  

Signatures

 Kathryn G. Flanagan,Attorney-in-Fact   12/21/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Exercisable 25% on 12/20/2005,12/20/2006,12/20/2007 and 12/20/2008
(2) The exercisable date and expiration date of the remaining balance is 12/21/2005
(3) The exercisable date and expiration date of the remaining balance is 10/22/2006.
(4) The exercisable date and the expiration date of the remaining balance is 12/16/2006.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.