Earlier, we explained that California real property reassessment exclusions can protect certain family members from paying greatly increased property taxes. Plus, we explained that the value of the transferred property counted toward the $1 million exclusion limit generally would be the taxable value on the assessment roll. So, sometimes it’s financially smart to transfer or sell real property and complete a Proposition 58 form. Keep in mind, the $1 million limit doesn’t even apply to the transferor’s principal residence. There’s no limit for principal residences.
$1 Million Dollar Exclusion
Here’s another thing to keep in mind. This $1 million exclusion for non principal residence actually applies for each transferor. So, even if one parent transferred $1 million of property, the other parent also gets to do the same. This actually makes for a combined exclusion of $2 million!
Filing Due Date
Current California law requires that the claim under Proposition 58 form be filed within three years from the date of the transfer of real property or before the transfer of the real property to a separate third party. Whichever of these two events happens earliest is the proper filing due date.
Do You Need A California Realtor Specializing In Probate?
We are experts in the probate sale under the probate code and trust law. So, we know the California Probate Code. We won’t let you get lost in it. If you need a realtor in California specializing in probate, please contact us today! We are upfront and honest about the costs of probate. Everyone wants to know about probate fees, but no one wants to talk about them. We will though. Sentinel Realty Partners wants our clients to be fully prepared and fully informed about buying or selling California probate real estate.
We have a list of the absolute best probate lawyers in California available for our customers. Plus, we also have relationships with the most vetted contractors, plumbers and electricians in California. See? We will guide you through every step of the process of selling (or even purchasing) a home involved in probate.
If you are buying a home in California, please have a look at our probate property search. If you need a Los Angeles, Orange County, Riverside, or San Bernardino professional to help you through the probate real estate maze, call us! These waters a murky, and you’ll want a knowledgeable, dependable, responsive team behind you. Check out Sentinel Realty Partners’ client reviews.