Legal Question in Tax Law in California

Re: Gift and Capital Appreciation

You will have avoided taxes on 1/2 of the property but not on all as if it had been in his name alone.

JOEL SELIK

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Re: Gift and Capital Appreciation

It depends...

If you file a Parent to Chilt transfer then you can avoid any transfer tax or steps up in basis. At the sale there is capital gains considerations, as there always is, but if you reinvest in a different primary residence many of these taxes can also be avoided.

Our firm would be happy to assist you with the preparation and filing of the documentation, we have over 25 years experience with estate planning.

Please feel free to contact me at 626-578-0708 or through our firm's site at www.No-Probate.com. The site will also provide you with some forms and additional information about the Probate and small estate processes.

Scott