Home Ownership in Northridge>Question Details

Pamela, Home Owner in Northridge, CA

My sister and I inherited our parents california house in equal shares. Will we both be able to receive the parent to child property tax exemption?

Asked by Pamela, Northridge, CA Tue Aug 7, 2012

I'm speaking about the Prop. 58 Reassessment Exclusion.

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Answers

5
Pamela, as Real Estate agents, we can't give you tax advise. I do have a accountant that I've used for over 15 years that would be able to answer all your questions. Then you & your sister will know what to do. With regards to selling, that's my expertise.

Please email or call me at 818-885-5615 so I can provide this to you.

Sincerely,

Marc Schwartz
0 votes Thank Flag Link Wed Aug 8, 2012
This is a question properly discussed with a tax attorney or a CPA. As Agents or Brokers, we may have some sort of opinion, but it really isn't any more valid than your own. One of us may well be able to tell you how to market the property, or, what it may be worth, we can even sell it for you if that is your choice. We do not have the expertise or the licensure to opine on tax or inheritance consequences.
0 votes Thank Flag Link Wed Aug 8, 2012
Humm, one of you says Yes and one says No. So the correct answer is not clear to me. Can anyone else give me an opinion? Please?
0 votes Thank Flag Link Tue Aug 7, 2012
If it is your parents residence, the property taxes should stay the same. If it was a rental property, there will be different tax laws.

You should speak with an estate attorney to get more specifics or a cpa.

I would be happy to discuss a possible sale if that is an option you are considering. I handle for clients coordinating any repairs, sales and paperwork/escrow management and am associated with estate attorneys and accountants.

Feel free to call me at 818 970 7701
0 votes Thank Flag Link Tue Aug 7, 2012
You will have to decide which sister will receive the benefit. Or the first eligible person who files the claim will get the exculsion.
0 votes Thank Flag Link Tue Aug 7, 2012
Humm, one of you says Yes and one says No. So the correct answer is not clear to me. Can anyone else give me an opinion? Please?
Flag Tue Aug 7, 2012
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