Legal Question in Real Estate Law in California

I would like to add my kids name to my commercial property. Would there be any tax or property tax increase.


Asked on 6/18/10, 1:12 am

2 Answers from Attorneys

No, not if you do it properly, but there could be gift tax consequences, and their capital gains basis would be their percentage of ownership at the present market value. All in all, putting kids on real estate rather than using a trust or will is almost invariably a big tax mistake. You should consult an estate planning attorney for a comprehensive plan before making a taxable gift like that.

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Answered on 6/18/10, 7:33 am
George Shers Law Offices of Georges H. Shers

Actually, you have to file a parent-child exemption to prevent an increase.

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Answered on 6/18/10, 9:08 am


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