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Filing for the claim for reassessment for transfer between parent and child will have absolutely nothing to do whatsoever with your tax liabilities when you sell the home.
When you do sell the home, you will also be entitled to an exclusion amount on the gain, if you have also used the home as your primary residence. The current rules for that exemption are that you must have owned the home for at least two years and you must have lived in the home for 2 of the past 5 years. If you satisfy those 2 requirements, then when you sell the home you are allowed to exclude $250,000 (or $500,000 if you are married filing a joint return) from the gain before any amount is taxed.
Those rules will be changing somewhat effective 1/1/09 and you will only be allowed a prorated portion of that credit based on the number of years you actually lived in the home.
However, your claim for reassessment will not affect this in any way whatsoever.
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