Legal Question in Real Estate Law in California

sell/give property to family and avoid increase in property taxes

I would like to sell or give (whichever has better tax consequenses for all parties)my primary residence to my brother. Is there any way to avoid the assessor revaluing the property and increasing the property taxes?

what are other tax consequences that should be considered?

I originally purchased the property for $120,000 currently have a mortgage for $140,000. The property is worth $300,000 and I have lived here for 6 years and plan to buy another primary residence. When all is said and done, my brother will get a loan (either to purchase or refiance for $240,000 and will owe me $60,000 due in 3 years)


Asked on 12/30/04, 6:04 pm

1 Answer from Attorneys
Joel Selik www.SelikLaw.com

Re: sell/give property to family and avoid increase in property taxes

There may be a way to set up a trust to accomplish what you want, but no other simple method.

JOEL SELIK

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Answered on 1/03/05, 1:43 pm


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