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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: 5 months ago.Category: Legal
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Answered in 1 minute by:
12/23/2017
Lawyer: Ray, Lawyer replied 5 months ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 47,168
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 5 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 5 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 5 months ago
there is not trust involved.
Lawyer: Ray, Lawyer replied 5 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 5 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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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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