Who is considered “a child” under Proposition 58? Who qualifies as a child for real property transfers between parents and children according to the requirements in Proposition 58? To qualify as a child and take advantage of this constitutional initiative which provide property tax relief for real property transfers between parents and children some requirements exist. Remember, this initiative makes it easier to keep property in the family by helping to keep excluded from reassessment.
$1 Million Dollar Exclusion
Here’s another thing to keep in mind regarding Proposition 58 child eligibility. This $1 million exclusion for non principal residence actually applies for each parent. 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 in some families. Actually though, it could be even more than two parents able to transfer non principal residences up to $1 million. Read on to see why.
Proposition 58 Child Eligibility
A child could be a son or daughter, obviously. However, more parent-child relationships also qualify. A qualifying child could also be a son-in-law, a daughter-in-law, a stepchild, or a child adopted before the age of 18.
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