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Question


ARMAANI

WiLL MY MOM END UP PAYING TAXES ON QUITCLAIM DEED HOUSE??

Hi, my dad passed away last May, my mom and dad was joint tenant on owned and payed off house. so lawyer QUITCLAIM DEED the house on my moms name and also AFFIDAVIT-DEATH OF JOINT TENANT with death certificate attached and it went through the county, we live in California. 2 months before my dad passed away, we made our patio to a room to the same house with county permit. ALSO THE QUIT CLAIM DEED SAYS "REVOCABLE TRUST TRANSFER EXEMPT FROM REAPPRAISAL UNDER PROPOSITION 13".....WHAT DOES THAT MEAN,,,ALSO WE RECEIVED NOTIFICATION OF ASSESSED VALUE, IN GENERAL INFO IT SAYS: PROP 13 PROVIDES THAT REAL PROPERTY MUST BE APPRAISED AT MARKET VALUE UPON CHANGE IN OWNERSHIP OR UPON COMPLATION OF NEW CONSTUCTION.......I FEEL LIKE WE ARE MISSING SOMETHING TO FILE. OR WE GONNA GET HUGE TAX,,,,PLZZZZZZZZ HELP I AM NOT FAMILIAR WITH THIS AT ALL....ALSO REVOCABLE LIVING TRUST WAS MADE TO MY BROTHER,,WHAT DOES THAT MEAN IN THE FUTURE FOR HIM.,WILL HE HAVE TO PAY TAXES OR NO

3 months ago - 2 answers

Best Answer

Chosen by Asker

my question is was another deed completed from your mom into the trust? Usually a deed is completed at that time but not always. A quit claim deed is a simple, clean way to add family members to title of the property without having to pay the taxes you normally would on a sale. The attorney who completed the deed should have completed the proper tax transfer forms. Unless the attorney made a major mistake, you should be fine. i really cannot comment about the trust as I do not have access to it, what I can say is that there usually are tax provisions in the trust, but, again, I cannot confirm this without reading the trust

Source(s)

title examiner

by Jeromy W

3 months ago

Asker's Rating: 

Other Answers

If she sells the home for more that her basis in the home the gain may be taxable if it exceeds the exemption amount. Her new basis is 1/2 of the basis just prior to his death plus 1/2 of the FMV upon his death. Prop 13 provides that her taxes will not rise due to this transfer. Bequests to a spouse or other close family relatives are not a change of ownership under Prop 13. Without reviewing the trust it's not possible to say what impact it will have for your brother, if any.

by bostonianinmo- 3 months ago