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Buying or Selling a Home/Inherited home
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Question
In my Mother's trust she has given me her home and it's contents. Will my property tax base change when she passes away? She is currently under Prop.13. I own another home in Orange Co. and am also under Prop 13. I know that I can transfer my tax basis once when I sell my home,but does inheriting her home change anything ??
Thank you
Mary,
Under proposition 13 properties are reassessed upon change of ownership. If the house stays in the trust there probably won't be a reassessment. Inheritance tax ramifications have to be directed to an accountant or an attorney.
Hope this helps.
Sue Bernstein
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| Comment | Thank you very much. Guess I need to see a lawyer about this question. | ||
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Buying or Selling a Home
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Sue Bernstein
Expertise
My expertise in in residential real estate., I have been selling residential real estate for over 2 decades in the Los Angeles area. I can answer most questions regarding real estate in the state of California and most generic questions for the rest of the country relating to buying and selling homes, selecting a real estate agent, and more!
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