Home Page link  

Cal prop 13 question

  
Groups | Search | About
User Password
Register Now! Lost Password?

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
Cal prop 13 question kappo50 11-17-2006
Posted by kappo50 on November 17, 2006, 1:19 am
Please log in for more thread options
 Can prop 13 be passed on twice ? My dad inherited his mom's
house, and prop 13 along with it. So the property tax is
very low. This house will go to me next, but will the
taxes jump to current market value ?

Also, this house is now the family vacation home so it's not
my dad's residence anyway.......... would that alone
disqualify it from "inheriting" prop 13 ?

thanks

<< ======================================================= >>
<< 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 (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Stuart A. Bronstein on November 17, 2006, 11:11 pm
Please log in for more thread options
 kappo50@yahoo.com wrote:

> Can prop 13 be passed on twice ? My dad inherited his mom's
> house, and prop 13 along with it. So the property tax is
> very low. This house will go to me next, but will the
> taxes jump to current market value ?
>
> Also, this house is now the family vacation home so it's not
> my dad's residence anyway.......... would that alone
> disqualify it from "inheriting" prop 13 ?

As long as your father hasn't made gifts of real estate to
you before, the transfer of up to $1,000,000 in real estate
between parents and children is exempt from increase
property tax on transfer.

Stu

<< ======================================================= >>
<< 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 (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by A.G. Kalman on November 18, 2006, 11:48 pm
Please log in for more thread options
kappo50@yahoo.com wrote:

> Can prop 13 be passed on twice ? My dad inherited his mom's
> house, and prop 13 along with it. So the property tax is
> very low. This house will go to me next, but will the
> taxes jump to current market value ?
>
> Also, this house is now the family vacation home so it's not
> my dad's residence anyway.......... would that alone
> disqualify it from "inheriting" prop 13 ?

Proposition 58 controls transfers from parent to child and
child to parent. There is no limit on the number of times a
property may change hands and a reassessment is waived.
When your Dad inherited his mother's house he had 3 years
from the date of transfer to file for Prop 58 relief. When
you inherit the home, you will have 3 years from the date of
transfer to file for Prop 58 relief. There is no limit on a
principal residence. There is a $1 million dollar of
assessed value limit on other real property. In addition,
there is a limit on acreage. I am no longer in CA, but I
remember that it used to be 10 acres. If the home sits on
more than 10 acres, then the excess gets reappraised.

Contact the applicable County Assessor for more details.
http://www.boe.ca.gov/proptaxes/assessors.htm

<< ======================================================= >>
<< 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 (2006) - All rights reserved. >>
<< ======================================================= >>

Similar ThreadsPosted
Sole prop then incorporated - which form(s) to file? November 13, 2006, 8:09 pm
Want to maintain Sole prop. history while converting to LLC later January 18, 2008, 7:33 pm
Transfer of Prop 13 benefits when inheriting family home via Trust? April 14, 2007, 12:07 am
IRA question November 2, 2006, 11:56 pm
Question January 18, 2007, 4:01 am
W-2 Box 12 question April 13, 2007, 3:31 am
K-1 question June 24, 2007, 10:41 pm
HSA Question September 12, 2007, 10:05 pm
MLP Tax Question September 20, 2007, 1:00 am
HoH question October 13, 2007, 11:06 pm

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap