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LEV
LEV, Retired
Category: Legal
Satisfied Customers: 22828
Experience:  Taxes, Immigration, Labor law
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How can I transfer my prop 13 to my children

Resolved Question:

Cani I pass my prop 13 to my children if I sell them my house or must I leave it to them through my trust when I die?
Submitted: 8 years ago.
Category: Legal
Expert:  LEV replied 8 years ago.
What sort of properties do you intend to transfer? Do you have any tax deferred accounts (as 401k, IRA etc)? What is the total value of your estate? What state are you living or your property located?
Customer: replied 8 years ago.
Reply to Lev's Post: Lev,
Thank's for your quick reply. You're right about my trust. I never did this before and actually don't trust the computer world yet.
My question is about a situation a good friend of mine, Randy,is in right now.
His father is dying and leaving his home to Randy and his sister. The dad and the sister want him to buy the house now. They're saying he can keep his dads prop13 if he does. Is this true? I don't trust them. (there's my trust issue) The Trust isn't irrevocable, which means it can be changed at any time? His dad did this before to him when his mother died, changed things.
Would he pay half the price of the home, would he get to keep prop 13, or should he wait?
The house is all I know about. It's in Simi Valley, CA. It's worth $450,000-480,000. There's a $160,000 mortage on it.
Because I think they're using him I just want to know if he should buy it now or would he be better off tax wise and prop 13 wise if he took it as an inheritance?.
I hope this makes sense.
Holly (Customer)
Expert:  LEV replied 8 years ago.

Property owners of at least 55 years of age may transfer the Proposition 13, factored base year value of their principal residence to a replacement principal residence. Here are some Q&A about property transfer taxation - http://www.boe.ca.gov/proptaxes/pdf/lta06010.pdf


The estate value will be $480,000-$160,000=$320,000. Inherited property will have step-in basis that is fair market value at the time of death - so in case the property sold shortly after - there will not be any capital gain and therefore no tax.


Change in Ownership Reassessment Exclusions Refinancing - http://www.assessor.saccounty.net/general-information/change-in-ownership/change-in-ownership-reassessment-exclusions.html


Parent-Child Change in Ownership Exclusions - http://www.assessor.saccounty.net/general-information/change-in-ownership/cioexclu.html, - Transfers by sale, gift, or inheritance can avoid reassessment under Proposition 58. If a parent transfers a property to more than one child (shared ownership), each child should apply for the exemption for his/her share. Generally, the person acquiring the property must file a claim within 3 years after the date of transfer (if gift or sale) or parent's death (if inheritance), or the property is transferred to a third party.

Customer: replied 8 years ago.
Reply to Lev's Post: Thanks for the web sites. I'll pass them on. Customer
Expert:  LEV replied 8 years ago.
Please let me know if you have any questions, otherwise I would appreciate if you click Accept button. This is the only way I get paid. You may return to this question any time after this if you need any clarification.
LEV, Retired
Category: Legal
Satisfied Customers: 22828
Experience: Taxes, Immigration, Labor law
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