Legal Question in Real Estate Law in California
Property was purchased for $870,000, property is worth $745,000 now. Owner is in a nursing home, owner is deeding the property to his daughter to sell. Will she get any tax benefits?
Asked on 4/02/12, 12:23 pm
2 Answers from Attorneys
Terry A. Nelson
Nelson & Lawless
Benefits? No. Taxes, yes. Consult with a proper estate attorney for tax and legal advice.
Answered on 4/02/12, 3:20 pm
That would be a really big mistake. There is no reason to deed to the daughter, and it may cause messy tax issues for both, and liability issues for her. It may also cause the lender to foreclose immediately under the standard due on transfer clauses in almost all loans. She would get NO tax break of any kind out of this proposed course of action and could get in a real mess, especially if the owner is receiving any MediCAL or MediCaid benefits.
Answered on 4/02/12, 5:03 pm
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