Legal Question in Tax Law in California

I gifted a piece of real estate to my son. I and they signed all of the documents to effect same on or about 11-15-11. However, due to a power of attorney form issue the recorder's office didn't record the deed change until 1-5-12. Which year do I use for income tax reporting or can I choose the one that best fits my situation?


Asked on 1/16/12, 10:06 am

1 Answer from Attorneys
George Shers Law Offices of Georges H. Shers

The transfer was made in 2011, it merely was not recorded until the next year [recording gives notice to the rest of the world as to a legal change in title, it does not transfer title]. So use 2011. File the necessary parent to child exclusion papers for preventing re-assessment.

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Answered on 1/16/12, 11:40 am


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