Legal Question in Real Estate Law in California
My wife and I separated recently. I want to buy our house which is jointly owned and paid for. Will the property taxes go up? (I live in California) Will there be capital gains taxes?
Asked on 2/14/12, 2:05 pm
1 Answer from Attorneys
Not if you do it right. If you do it as part of a divorce or court ordered legal separation, it is automatically not taxable and does not count as a transfer for property tax reassessment. If you do it while remaining married, converting it from community or quasi-community property into your separate property, that's a bit more complicated, but if done right would still not result in any taxation nor reappraisal.
Answered on 2/14/12, 2:10 pm
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