blackmountain
New Member
- Jurisdiction
- California
Hi, question about estate planning and real estate gifting and taxes.
If I inherit property from my Dad when he dies, I'll get the stepped-up cost basis, and prior to prop 19 in California would also keep the low property tax assessment.
Prop 10 changes that a bit. Basically the property gets reassessed and my property taxes will be much higher. There are some exceptions or thresholds, but that's a different matter.
My understanding is that until February 15th (again, specific to California here), he can give up to $1,000,000 of property to me and *I think* I'll get the stepped up cost basis AND the low property tax assessed value.
The main goal of course being to keep the low property taxes AND get the stepped up cost basis. What I'm not entirely clear about is if both of those things are true and how the $1,000,000 threshold plays into it. Does anyone know?
Yes, I know, see an estate attorney, and I did and it cost me $500 for one hour, but I didn't get to ask about this and I'm hoping someone here knows.
If I inherit property from my Dad when he dies, I'll get the stepped-up cost basis, and prior to prop 19 in California would also keep the low property tax assessment.
Prop 10 changes that a bit. Basically the property gets reassessed and my property taxes will be much higher. There are some exceptions or thresholds, but that's a different matter.
My understanding is that until February 15th (again, specific to California here), he can give up to $1,000,000 of property to me and *I think* I'll get the stepped up cost basis AND the low property tax assessed value.
The main goal of course being to keep the low property taxes AND get the stepped up cost basis. What I'm not entirely clear about is if both of those things are true and how the $1,000,000 threshold plays into it. Does anyone know?
Yes, I know, see an estate attorney, and I did and it cost me $500 for one hour, but I didn't get to ask about this and I'm hoping someone here knows.