How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29639
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

We inherited property (Children)in the state of California ...

Resolved Question:

We inherited property (Children)in the state of California from our Mom that passed away in 2004. Before she passed away she was paying low property tax Proposition 13 of $800 per year. The house was in the estate and when we settled in 2007 we have been paying the property tax right along. When we sold the property and settled the estate we just got a tax bill from the state of california for $15,000. Dont we get grandfathered for the prop. 13 as being children of a deceased parent in California
Submitted: 9 years ago.
Category: Tax
Expert:  Lev replied 9 years ago.

Parent-Child Change in Ownership Exclusions -

- 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.

You will not get the exemption automatically.

Lev and other Tax Specialists are ready to help you