maliburon64[at]gmail.com wrote:

- quote -

Depends on the value of her home and if she's living in it at the time.
Assuming it qualifies, CA property tax will not be increased AS LONG AS
a request for exemption is filed within three years of the date of the
transaction. If it's not filed the exemption is lost.

- quote -

Same as above.

Stu

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In article <ecklein-EB464D.13415223032008[at]news.newsguy.com> ,
Ernie Klein <ecklein[at]pacbell.net> wrote:

- quote -

the application to record title which address retention of Prop 13
values. Who ever files (you, your attorney or the title company) needs
to check the appropriate boxes

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<maliburon64[at]gmail.com> wrote in message
news:c872d73a-56bc-425c-bd85-27b50afbf470[at]s8g2000prg.googlegroups.com...
- quote -

Prop 58 issue: Generally no. (See the other replies; they were more in
depth)

GIFT TAX ISSUE: Yes - and possibly an estate tax issue when they die and as
the beneficiary, you get it back.

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In article <siegman-64FE51.11552223032008[at]nntp.stanford.edu> ,
AES <siegman[at]stanford.edu> wrote:

- quote -

I believe that is the language that prop 58 added in 2004.

- quote -

"...as defined by the Legislature..."

What is meant by ³child² under Proposition 58?
€ Any child born of the parent; or
€ Any stepchild or stepchild¹s spouse while the
relationship of stepparent and stepchild exists; or
€ Any son/daughter-in-law of the parent; or
€ Any child statutorily adopted before the age of 18.

Also the "first $1,000,000 in value" refers to the prop 13 value (also
called the factored base year value), which has nothing to do with the
current market value. For example the base year value on my home is
under $200,000 but the market value is about $1.5 million.

An interpretation by San Mateo County can be found at:

http://www.co.sanmateo.ca.us/vgn/ima...7865prop_58_19
3.pdf

--
-Ernie-

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article <fswFj.35453$D_3.6795[at]bgtnsc05-news.ops.worldnet.att.net> ,
"Gil Faver" <rowdy'sboss[at]xxyz.com> wrote:

- quote -

I have very little understanding of the opportunities or limitations
that might be posed by this section -- preserve Prop 13 benefits?
reduce estate tax? -- but let me start with a definition question,
namely:

Interpretation of "parents and their children"?

As a sample case, 2 parents (married to each other), 4 children: 3 are
natural children of the father, 1 of the mother, by previous marriages
(none of them are children of both). Lived many years as stable family,
but no adoptions -- and all children are now grown and living elsewhere
than the (hugely appreciated) family home.

And to jump further ahead, suppose one of these parents has died,
leaving principal residence to surviving spouse. Is there still a
"parents and their children" complex here?

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"Gil Faver" <rowdy'sboss[at]xxyz.com> wrote in message
news:RRtFj.67392$cQ1.13601[at]bgtnsc04-news.ops.worldnet.att.net...
- quote -


http://www.leginfo.ca.gov/.const/.article_13A

(h) (1) For purposes of subdivision (a), the terms "purchased" and
"change in ownership" do not include the purchase or transfer of the
principal residence of the transferor in the case of a purchase or
transfer between parents and their children, as defined by the
Legislature, and the purchase or transfer of the first one million
dollars ($1,000,000) of the full cash value of all other real
property between parents and their children, as defined by the
Legislature. This subdivision shall apply to both voluntary
transfers and transfers resulting from a court order or judicial
decree.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article
<c872d73a-56bc-425c-bd85-27b50afbf470[at]s8g2000prg.googlegroups.com> ,
maliburon64[at]gmail.com wrote:

- quote -

I would not attempt that without consulting a CA Real Estate tax lawyer
first.

(Probably transferring a property from daughter to parent will result in
a federal gift tax requardless of how it is done, but that is not the
question you asked.)

California has several voter approved propositions governing property
transfers and taxes. Prop 13 is the best known, but there are several
others as well (prop 60 and 90 which probably don't apply here) and
props 58 and 193 which deal with transfers between parents and children
and grandparents and grand children respectively.

Prop 58 probably fits your situation and may allow a transfer without
triggering an reassessment or tax increase if all parties (and the
property) are qualified under prop 58 and the transfer is done properly.

Like I said, I would not try to do this without legal help.

--
-Ernie-

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article
<c872d73a-56bc-425c-bd85-27b50afbf470[at]s8g2000prg.googlegroups.com> ,
maliburon64[at]gmail.com wrote:

- quote -

Sounds like an attempt to transfer ownership without triggering loss of
Prop 13 benefits . . . ?????

(Although the transfer is in the opposite direction to what one might
expect to be the more common case of interest, that is, parents to
children.)

I'll watch with interest the responses to this query. Does this "add
names, then quitclaim" technique also provide a way to play estate tax
reduction games?

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

<maliburon64[at]gmail.com> wrote in message
news:c872d73a-56bc-425c-bd85-27b50afbf470[at]s8g2000prg.googlegroups.com...
- quote -


is this a question? I think you are incorrect, with respect to such family
members.

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If a daughter adds parents names to her home will property taxes be
increased.

If at a later date the daughter quitclaims her interest to parents
will property taxes be effected.

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