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If an uncle files a quit claim deed on a joint tenancy (

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If an uncle files...

If an uncle files a quit claim deed on a joint tenancy ( with sister and niece ) to take himself out of the joint tenancy will the property be subject to tax reassessment in califonria under properstion 13 ?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

California

Lawyer's Assistant: Has anything been filed or reported?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Nothing else at t his time thanks

Submitted: 7 months ago.Category: Legal
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Answered in 1 minute by:
12/23/2017
Lawyer: Ray, Lawyer replied 7 months ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,800
Experience: 30 years in civil, probate, real estate, elder law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Lawyer: Ray, Lawyer replied 7 months ago
  • Transfers of the first $1 million of real property other than the primary residences. The $1 million exclusion applies separately to each eligible transferor.
  • Transfers may be result of a sale, gift, or inheritance. A transfer via a trust also qualifies for this exclusion. For property tax purposes, we look through the trust to the present beneficial owner. When the present beneficial ownership passes from a parent to a child, this is a change in ownership that is eligible for the parent-child exclusion.

If the value of the share is under a million then there would be no effect.

Reference

http://www.boe.ca.gov/proptaxes/faqs/propositions58.htm#4

I appreciate the chance to help you today.Thanks again.

If you can positive rate 5 stars it is much appreciated.

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Customer reply replied 7 months ago
the uncle is the quit claim person. the uncle is not a parent and the sister and neice are not children so the answer does not reply to the issue i think.
Customer reply replied 7 months ago
there is not trust involved.
Lawyer: Ray, Lawyer replied 7 months ago

No a gift transfer of a million or less here from the uncle would not trigger the Prop 13 revaluation.If his interest is a million or more then it would do so.

Transfers of the first $1 million of real property other than the primary residences. The $1 million exclusion applies separately to each eligible transferor.Transfers may be result of a sale, gift, or inheritance.

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Lawyer: Ray, Lawyer replied 7 months ago

You should be fine here if it is worth less than a million( his share).

Thanks aqain for letting me clarify.

If you can positive rate 5 stars it is always much appreciated.

Happy Holidays to you.

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