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Posted by maliburon64 on March 23, 2008, 9:52 am
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If a daughter adds parents names to her home will property taxes be
increased.
If at a later date the daughter quitclaims her interest to parents
will property taxes be effected.
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Posted by Gil Faver on March 23, 2008, 11:11 am
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> If a daughter adds parents names to her home will property taxes be
> increased.
>
> If at a later date the daughter quitclaims her interest to parents
> will property taxes be effected.
is this a question? I think you are incorrect, with respect to such family
members.
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
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Posted by Gil Faver on March 23, 2008, 1:40 pm
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>
>> If a daughter adds parents names to her home will property taxes be
>> increased.
>>
>> If at a later date the daughter quitclaims her interest to parents
>> will property taxes be effected.
>
>
> is this a question? I think you are incorrect, with respect to such
> family members.
http://www.leginfo.ca.gov/.const/.article_13A
(h) (1) For purposes of subdivision (a), the terms "purchased" and
"change in ownership" do not include the purchase or transfer of the
principal residence of the transferor in the case of a purchase or
transfer between parents and their children, as defined by the
Legislature, and the purchase or transfer of the first one million
dollars ($1,000,000) of the full cash value of all other real
property between parents and their children, as defined by the
Legislature. This subdivision shall apply to both voluntary
transfers and transfers resulting from a court order or judicial
decree.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by AES on March 23, 2008, 4:01 pm
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> http://www.leginfo.ca.gov/.const/.article_13A
>
> (h) (1) For purposes of subdivision (a), the terms "purchased" and
> "change in ownership" do not include the purchase or transfer of the
> principal residence of the transferor in the case of a purchase or
> transfer between parents and their children, as defined by the
I have very little understanding of the opportunities or limitations
that might be posed by this section -- preserve Prop 13 benefits?
reduce estate tax? -- but let me start with a definition question,
namely:
Interpretation of "parents and their children"?
As a sample case, 2 parents (married to each other), 4 children: 3 are
natural children of the father, 1 of the mother, by previous marriages
(none of them are children of both). Lived many years as stable family,
but no adoptions -- and all children are now grown and living elsewhere
than the (hugely appreciated) family home.
And to jump further ahead, suppose one of these parents has died,
leaving principal residence to surviving spouse. Is there still a
"parents and their children" complex here?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Ernie Klein on March 23, 2008, 4:42 pm
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>
> > http://www.leginfo.ca.gov/.const/.article_13A
> >
> > (h) (1) For purposes of subdivision (a), the terms "purchased" and
> > "change in ownership" do not include the purchase or transfer of the
> > principal residence of the transferor in the case of a purchase or
> > transfer between parents and their children, as defined by the
I believe that is the language that prop 58 added in 2004.
> I have very little understanding of the opportunities or limitations
> that might be posed by this section -- preserve Prop 13 benefits?
> reduce estate tax? -- but let me start with a definition question,
> namely:
>
> Interpretation of "parents and their children"?
"...as defined by the Legislature..."
What is meant by ³child² under Proposition 58?
€ Any child born of the parent; or
€ Any stepchild or stepchild¹s spouse while the
relationship of stepparent and stepchild exists; or
€ Any son/daughter-in-law of the parent; or
€ Any child statutorily adopted before the age of 18.
Also the "first $1,000,000 in value" refers to the prop 13 value (also
called the factored base year value), which has nothing to do with the
current market value. For example the base year value on my home is
under $200,000 but the market value is about $1.5 million.
An interpretation by San Mateo County can be found at:
http://www.co.sanmateo.ca.us/vgn/images/portal/cit_609/87377865prop_58_19
3.pdf
--
-Ernie-
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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