Have a Tax Question? Ask a Tax Expert
Welcome and thank you for giving me the opportunity to assist you with your tax question.
As to your first observation of transfer between mother and son, you are correct. However, a claim would have to be timely filed with the county assessor's office to claim the exclusion.
As to your second observation of transfer between mother and elderly boyfriend, you are correct and no exclusion applies.
As to your third observation involving a life estate, the creation of a life estate in real property is a change in ownership at the time of transfer unless the instrument creating the life estate reserves such estate in the transferor (mother) or the transferor's spouse. However, the subsequent transfer of such a life estate by the transferor (mother) or the transferor's spouse to a third party is a change in ownership. Upon termination of such a reserved life estate, the vesting of a right to possession or enjoyment of a remainderman (other than the transferor (mother) or the transferor's spouse) is a change in ownership.
My points of reference are the following and both contain excellent information:
Please let me know if you require further information or clarification.
Thank you and best regards,
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